BRASSIE GOLF CORPORATION ANNOUNCES THIRD QUARTER AND NINE MONTHS RESULTS.

TAMPA, Fla.--(BUSINESS WIRE)--NOVEMBER 17, 1995--BRASSIE GOLF CORPORATION (NASDAQ Symbol: PUTT; TSE Symbol: TEE) today announced financial results for the third quarter and nine months ended September 30, 1995.

For the third quarter ended September 30, 1995, the Company had a net loss of $938,721, or $0.06 per share, on revenues of $1,859,172, an improvement over the net loss of $1,047,096, or $0.08 per share, on revenues of $1,994,762 for the comparable prior quarter. The weighted average number of shares outstanding increased from 13,376,000 to 16,524,900 for the quarters ended September 30, 1994 and 1995, respectively.

For the nine months ended September 30, 1995, the net loss before extraordinary items was $1,100,175, or $0.07 per share, on revenues of $6,535,749, an improvement over the net loss of $1,328,180, or $0.10 per share, on revenues of $5,527,194 for the first nine months of 1994. The weighted average number of shares outstanding increased from 12,761,100 to 14,918,400 for the nine months ended September 30, 1994 and 1995, respectively.

Cash flow (expressed as EBITDA) for the nine months of 1995 increased $533,594 to $868,512 from $334,918 for the comparable prior-year period, primarily reflecting, 1) the impact of the transfer of three underperforming courses during May 1995 pursuant to the litigation described in the Company's Report on Form 8-K filed on July 6, 1995 and amended September 14, 1995 and 2) the Company's continuing efforts to reduce operating expenses.

Gary Nacht, Chief Financial Officer, noted that, excluding the three courses which were transferred during May 1995, golf course revenues from facilities which were open for the full nine months in both 1995 and 1994 increased 17.4%; while total golf course revenues, including the Company's newest golf course in Stafford County, Virginia which opened in May 1995, increased 40.6%.

Mr. Bill Horne, Brassie's President and CEO, stated, "This short period since the June 30, 1995 merger between Brassie and Summit Golf Corporation has been a time of significant accomplishments. In our first ninety days, new management consolidated four separate offices into Brassie's new Tampa headquarters. We completed the transfer of three underperforming golf courses which has already begun to have a favorable financial impact on the Company. Eleven new management contacts and two construction management contracts have been signed which will begin to generate additional revenues during the fourth quarter, and we expect to enter into a letter of intent to acquire a private golf course in Wisconsin by year-end.

"In addition, Hale Irwin's success on the senior tour has led to increased visibility of Brassie's Design Division, and two new design contracts have been signed during the current quarter," he added.

Brassie Golf Corporation and its Hale Irwin Golf Design division are engaged in the acquisition, design, construction, operation and management of private, semi-private, resort and daily-fee (i.e., "public") golf courses. Brassie's portfolio of owned and managed courses in 14 states has grown to become the third largest in the industry and the second largest among U.S. publicly-held companies.

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                  BRASSIE GOLF CORPORATION STATEMENT OF OPERATIONS

                          Three Months Ended           Nine Months Ended
                  September 30,   September 30,   September 30,   September 30,
                  1995            1994            1995            1994
                 (unaudited)     (unaudited)      (unaudited)     (unaudited)

Revenues        $   1,859,172   $   1,994,762   $  6,535,749    $  5,527,194
Total operating
 expenses           2,500,749       2,523,870      6,641,476       5,971,422
Operating income
 /(loss)       $    (641,577)   $    (529,108)  $  (105,727)    $  (444,228)
Net income/(loss) before
 extraordinary
  item         $    (938,721)   $   (1,047,096)    (1,100,175)   (1,328,180)

Extraordinary item       --                 --     (4,130,000)          --
Net loss       $   (938,721)    $  (1,047,096)  $  (5,230,175)  $ (1,328,180)

Net income/(loss) per
 share before
 extraordinary
  item         $      (0.06)           ($0.08)  $       (0.07)  $      (0.10)
Extraordinary item       --                --   $       (0.28)            --
Net income/(loss)
 per share     $      (0.06)    $       (0.08)  $       (0.35)  $      (0.10)

EBITDA         $   (267,311)    $    (220,900)  $      868,512  $     334,918

Average shares
 outstanding     16,524,900        13,376,000       14,918,400     12,761,100

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CONTACT: Company Contact:

Gary Nacht

Executive Vice President, CFO 

[phone]

or

Investor Relations Contact:

John Nesbett/Jason Thompson

Lippert/Heilshorn & Associates

[phone]