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 VANCOUVER, British Columbia, Jan. 10 /PRNewswire/ -- The directors of Brassie Golf Corp. summarizes a number of transactions completed prior to Dec. 31, 1993, which will become the year-end for the company. Previously the year-end was March 31.
 On Nov. 23, 1993, the company and the supervisors of Stafford County, Va., executed a 33-year lease agreement including two six-year renewals to lease 200 acres of land within Curtis Memorial Park. The company's subsidiary, the Gauntlet at Curtis Park Inc., shall construct and operate an 18-hole P.B. Dye design Gauntlet Golf Course with a full- service clubhouse, family golf teaching center and ancillary golf- related services. There is a provision in the lease for expansion of the facility to 27 holes.
 The lease obliges the company to spend at least $4 million to construct the facility and provides for rental payments to the county of $25,000 on opening day, $50,000 on the first anniversary, and for each of the years thereafter, the greater of $25,000 or 5 percent of net revenues (excluding revenues from Master Membership Sales). The rental payments for the two renewal terms shall not exceed 7 1/2 percent and 11 percent of net revenues, respectively. The company has had extensive discussions with an equity partner for the project and intends to complete financing arrangements prior to the end of January 1994. Construction is scheduled for February 1994 with full revenue play commencing in the first quarter of 1995.
 The company's subsidiary, the Gauntlet at St. James II Inc. ("GSJII"), and Homer E. Wright Jr. Inc. ("HEW") have delayed to the fall of 1994 their agreement whereby GSJII shall purchase land from HEW and construct the company's second golf course at St. James Plantation. Negotiations continue with Hale Irwin Golf Services Inc. to design the course and have full working drawings available for tender in the second quarter of 1994. Construction is scheduled for the fall of 1994, enabling for full revenue play in the fourth quarter of 1995.
 On Dec. 22, 1993, the company closed the purchase of the North Myrtle Beach, S.C., Golf Club for a price of $4,350,000 U.S.
 The company, through its wholly owned South Carolina subsidiary, the Gauntlet at Myrtle West Inc. ("GMW"), will acquire the Tom Jackson- designed golf course for consideration obtained from a $2,500,000 first mortgage loan from NationsBank with an interest rate of U.S. prime plus 1 percent, a $1,500,000 second mortgage loan from the company and an issue from Treasury of 102,010 Brassie shares. The company applied for regulatory approval of the Treasury issue on Dec. 23, 1993, and thereafter assign 20 percent of its interest in GMW to a participating lender who will take over the company's second mortgage position.
 The purchase of BrickLanding Development, previously announced, has not been completed by the vendors. As a result Brassie Golf has demanded from the vendor reimbursement of costs related to the failed Agreement for Sale.
 On Dec. 10, 1993, the company filed a Registration Statement (Form 10) with the U.S. Securities Exchange Commission ("SEC"). Concurrent with SEC approval scheduled for early February 1994, the company intends to have the trades of its shares quoted on the Nasdaq.
 Brassie Golf is negotiating the purchase and management of an additional nine golf courses in addition to the building of five additional courses all of which will begin construction in 1994.
 -0- 1/10/94
 /CONTACT: Robert Atkinson, vice chairman, 604-891-2846/

CO: Brassie Golf Corp. ST: British Columbia, Virginia, South Carolina IN: LEI SU: TNM

JL-LS -- LA014 -- 0435 01/10/94 09:06 EST
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Publication:PR Newswire
Date:Jan 10, 1994

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