Sponsorship

2 Oct 2008 07:00

PARALLEL MEDIA GROUP (`PMG' or `the Group') ANNOUNCES KEY SPONSORHIPS FOR HONG KONG GOLF OPEN

Parallel Media Group plc, (AIM: PAA), the sports marketing, media and events company, is delighted to announce that BMW, Emirates and Rolex have agreed to sponsor the 50th UBS Hong Kong Open in November this year. In addition to these companies, PMG has also renewed sponsorship with Hugo Boss, Samsung, PCCW (the telecommunications giant of Hong Kong), Jebsen, Ecco, AIA, Korean Ginseng, Heineken, Tibet Water and Ballantines.

These blue chip sponsorships are testament to the capability of PMG which has been promoting the Hong Kong Open for eight years, since 2000. The Open is one of the most elite tournaments in Asia and the longest running sporting event in Hong Kong.

Revenue from the 2007 Hong Kong Open generated the Group ‚£2.5million last year. PMG anticipate a significant revenue improvement for the 2008 Hong Kong Open as a result of these new sponsors.

David Ciclitira, Chairman & CEO, of PMG commented:

"We're delighted to have so many blue chip brands supporting the tournament in its 50th year. This proves the enduring strength of what is in many people's eyes, Asia's traditional major".

For further inquiries, please contact:

David CiclitiraParallel Media Group plcTel +44 (0) 207225 2000Liam Murray, Nominated AdviserDowgate Capital Advisers LimitedTel +44 (0) 20 7492 4777Jos SimsonBen Way Conduit PRTel +44 (0) 20 7429 6666

Background to UBS Hong Kong Open:

It is the 50th anniversary of the UBS Hong Kong Open this year. The Open has played host to some of the all-time greats including Peter Thomson, Tom Watson, Josƒ© Maria Olazƒ¡bal and Padraig Harrington. The Open is to be held at the Hong Kong Golf Club from November 20 - 23.

Since the European Tour co-sanctioned the event in 2001, the stakes have been raised significantly to a prize of $2.25 million for this year. The Hong Kong Open is in a unique position in that it will take place twice within the Race to Dubai, (formerly known as The European Tour Order of Merit), which will commence in November 2008 and finish November 2009.

For further information see: http://www.parallelmediagroup.com/index.html

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