18th Apr 2006 07:00
PARALLEL MEDIA GROUP PLC LETTER OF INTENT Parallel Media Group PLC (`PMG') announces that its joint venture company*,European Golf Resorts Limited, which was formed with Ram Investment Group PLCto develop golf properties in emerging sporting and tourist destinations, hassigned a letter of intent to acquire a real estate site on the Croatian'Riviera' Island of Hvar. The proposed development is intended to include amixed scheme of golf course, hotel and residential property.The site on Hvar has been identified as a prime location for the constructionand development of a 18 hole Championship golf course capable of staging futureprofessional tournament golf from 2009 onwards.David Ciclitira, Chairman & CEO of PMG commented, "Hvar has a vision ofbringing professional golf tournaments to its shores by 2009. PMG has nearlytwenty years experience in working with national tourist boards, sportsgoverning bodies and government departments to develop and deliver strategiesin sport. I am confident that with our strong pedigree in staging and promotingprofessional golf we will create a valuable asset for the island.*PMG has a 25% holding in European Golf Resorts Ltd., with an option to acquirean additional 25% holding in the venture for an agreed consideration of ‚£125,000For further information please contact:Leesa Peters/ Abigail Singleton T: +44 (0) 207 429 6666 Conduit PR M: +44 (0) 7739 461 061 Wynton Faure T: +44 (0) 207 2252000 PMG ENDPARALLEL MEDIA GROUP PLCRelated Shares:
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