BRASSIE GOLF CORP. ANNOUNCES AGREEMENT WITH HOMER E. WRIGHT JR. INC.
VANCOUVER, British Columbia, Sept. 27 /PRNewswire/ -- Brassie Golf Corp. (the "company") has reached an agreement with Homer E. Wright Jr. Inc. ("HEW") for its 80 percent owned subsidiary, The Gauntlet at St. James II Inc. ("GSJII") to purchase the land for Brassie's third golf course construction project and its second 18-hole course on 6,000 acre St. James Plantation, near Southport, N.C. Transfer of the land is conditional on the release by HEW's lender of its charge over the subject lands, and the completion by the company of certain construction details, financing verification, and the designation by the company of its Golf Course Designer. World-famous touring professional, Hale Irwin, is the company's leading choice promising an unbeatable Dye/Irwin combination of courses at St. James. Irwin has been invited to join Dennis Crocker of Nations Bank and Wayne Levi, PGA Touring Professional, on the Advisory Board to Brassie Golf Corp. The land was acquired at nominal cost and provides for GSJII to be paid a lot release fee of $5,000 USD per lot sold by HEW in the adjacent subdivision. Two years after the course opens the lot release fee increases to $7,500 per lot. More than 325 lots are planned for the subdivision. Negotiations continue with the officials of Stafford County, Va., to construct, manage and operate a P.B. Dye designed 18-hole facility in Virginia near Washington, D.C. Both new courses are scheduled for public play in the fall of 1994. Final approval by R.T.C. of the company's offer to purchase Brick Landing Golf Club is imminent. -0- 9/27/93 /CONTACT: Robert G. Atkinson, vice chairman, 604-688-4693/ (TCC.)
CO: Brassie Golf Corp.; Homer E. Wright Jr. Inc. ST: British Columbia IN: LEI SU: RLE
JB-LM -- LA030 -- 6024 09/27/93 15:12 EDT
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|Date:||Sep 27, 1993|
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