China Golf Group, Inc. Signed a Letter of Intent for M&A with Xi'an Clubank Network

SHANGHAI, Aug. 29, 2011/PRNewswire-Asia-FirstCall/ -- Headquartered in Shanghai, China Golf Group, Inc. ("China Golf", or the "Company", or "we"), a leading developer of premium golf courses, golf communities and improved land properties in China and the first of its kind publicly registered and reporting in the United States, announced that on August 29, 2011, Company signed a Letter of Intent with Xi'an Clubank Jingzuan Network Co., Ltd. ("Clubank Network") to acquire its certain share through equity acquisition.

Clubank Network is currently 100% owned by Shenzhen Clubank ("Clubank"), founded in 1998. As the first IT service provider in leisure industry and the largest club IT comprehensive operator in Asia, Clubank has become a famous brand in Chinese leisure club industry which has the largest leisure club data base, technology and service team. More than 1,000 Chinese leisure clubs are Clubank's customer including famous Golf Clubs such as Mission Hills, Nanshan and Beijing Huabin, famous City Club such as Beijing Changan. Clubank currently occupies over 80% market share.

Clubank Network sets up a comprehensive platform for network media and value added service for Clubank's existing customers and other leisure clubs. Clubank Network aims to become one of the largest network media service providers in Chinese leisure club industry. Within 5 years, Clubank Network plans to service at least 600 leisure clubs and the operating income will reach USD 75 million as estimated.

"Together with a joint effort with Clubank, we aim to develop Clubank Network into the largest and high-end customer oriented network media in China. Becoming a shareholder of Clubank Network will bring China Golf Group a sustainable annual revenue and income, and also enhances our brand awareness and influence in golf industry, thus helping us to form a comprehensive and largest golf industry chain," commented Mr. Tiger Bi, the CEO of China Golf Group.

About China Golf Group

Founded in 2006, China Golf Group ("China Golf" or the "Company") is a Shanghai headquartered, leading developer of premium golf facilities and provides the surrounding value added service for the golf industry in the People's Republic of China ("PRC") through our PRC based operating companies. In July 2010, China Golf merged with a Delaware public company and filed with the U.S. Securities and Exchange Commission ("SEC"). We offer a full spectrum of golf facilities development and management services, including develop golf course, golf city club and golf communities as well as involve in golf media, management and education. Since the formation of Beijing Shungao in 2006, we have completed over ten golf courses in China. With our influential strategic partners, we are expanding our business to an invest-design-build-mange model with an objective to become the top golf course management company and the largest golf course chain in China.

For more information on the Company, please visit http://www.chinagolfgroup.com/

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains certain statements that may include "forward- looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward- looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

SOURCE China Golf Group, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED