Brassie Golf Corporation Announces Fourth Quarter and Year-End Results.

TAMPA, Fla.--(BUSINESS WIRE)--APRIL 21, 1997--BRASSIE GOLF CORPORATION (NASDAQ Symbol: PUTT) today announced that it has filed its Form 10-K for the year ended December 31, 1996 in accordance the rules and guidelines of Securities and Exchange Commission ("SEC"). The Company also announced its results for the quarter and year ended December 31, 1996.

For the fourth quarter ended December 31, 1996, the Company reported total operating revenues of $808,157, versus total operating revenues of $1,144,950 for the comparable year-ago period. Net loss for the most recent quarter, before non-recurring items, including $4,050,000 for the write down of goodwill and $1,400,000 associated with interest on the discount of a Regulation S stock offering, was $(2,206,847), or $(0.09) per share, versus a net loss before the $4,000,000 write down of goodwill of $(1,219,541), or $(0.07) per share, for the comparable year- ago quarter. The weighted average number of shares outstanding increased from 17,507,300 to 23,886,300 for the quarters ended December 31, 1995 and 1996, respectively.

For the twelve months ended December 31, 1996, the Company reported total operating revenues of $5,231,902, versus total operating revenues of $6,105,838 for the comparable year-ago period. Net loss for the most recent year, before non-recurring items, including $4,050,000 for the write down of goodwill and $1,400,000 for interest on convertible debentures, was $(3,175,732), or $(0.16) per share, versus a net loss before the write down of goodwill of $4,000,000 and an extraordinary charge totaling $4,130,000, of $(2,163,535), or $(0.14) per share for the year ended December 31, 1995. The weighted average number of shares outstanding increased from 15,570,900 to 20,005,900 for the twelve months ended December 31, 1995 and 1996, respectively.

Bill Horne, President and CEO of Brassie Golf Corporation, said, "1996 was a challenging year for Brassie. Besides the goodwill write-off, contributing to the year's loss were expenses made in an effort to streamline operations, including expenses associated with the disposition of the Laurel Valley and Myrtle West golf courses, severance pay to employees and costs incurred in conjunction with the Divot acquisition effort. Additionally, as a consequence of our Regulation S offering that essentially enabled the Company to survive, we had an unexpected one-time interest expense totaling $1,400,000 due to a recently enacted SEC ruling. In total, $6,985,000 of the Company's net loss were extraordinary write-offs, so the actual total cash loss after these extraordinary expenses was a loss of only about $598,000 after depreciation and amortization.

"We have taken measures to further reduce our operating deficit for 1997. During the first quarter of 1997, our owned golf course properties performed significantly better than last year. Revenues increased by $242,655 while profits increased by $68,000. Additionally, we have restructured the design division to show significant improvements projected at well over $500,000 for the year."

Mr. Horne concluded, "Currently, we are in discussions with qualified parties with whom we expect to pursue business interests that should benefit Brassie. While no agreement with the above mentioned parties is definitive as of late, we would be very disappointed if progress did not continue on course and an agreement not reached. As such, we continue to be enthusiastic about Brassie's future."

Brassie Golf Corporation is in the acquisition, design, construction, operation and management of golf courses.

"Safe Harbor" Statement under the private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including, but not limited to, product demand and market acceptance risks, the effect of economic conditions, the impact of competitive products and pricing, product development, commercialization and technological difficulties, capacity and supply constraints or difficulties, the results of financing efforts, actual purchases under agreements, the effect of the Company's accounting policies, and other risks detailed in the Company's Securities and Exchange Commission filings. -0-

         BRASSIE GOLF CORPORATION STATEMENT OF OPERATIONS

                                      Three Months Ended
                                  Dec. 31,           Dec. 31,
                                    1996               1995
                                 (unaudited)        (unaudited)

Total operating revenues       $      808,157   $     1,444,950
Total operating expenses            5,979,940         5,896,672
Operating loss                 $  (5,171,783)   $    (4,751,722)

Net loss                       $  (7,656,847)   $    (5,219,541)
Net loss per share             $       (0.32)   $         (0.30)

Weighted average number
   of shares outstanding          23,886,300         17,507,300
-0-

                                       Twelve Months Ended
                                     Dec. 31,           Dec. 31,
                                       1996              1995
                                   (unaudited)        (unaudited)

Total operating revenues         $   5,231,902   $     6,105,838
Total operating expenses            11,056,005        10,935,785
Operating loss                   $  (5,824,103)  $    (4,829,947)

Net loss before extraordinary
 item                            $  (8,625,732)  $    (6,163,535)
Net loss per share before
 extraordinary item              $       (0.43)  $         (0.40)
Extraordinary item                      --            (4,130,000)
Net loss                         $  (8,625,732)  $   (10,293,535)
Net income/(loss) per share      $       (0.43)  $         (0.66)

Weighted average number
 of shares outstanding              20,005,900        15,570,900

CONTACT:Investor Relations Contact:

Jason Thompson 

Lippert/Heilshorn & Associates

[phone]

or

Company Contact:

Bill Horne

President and CEO

[phone]