SHANGHAI, April 2, 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 March 27, 2011, Company signed a Letter of Intent with Wonderful Ace International Ltd. ("Wonderful Ace") to acquire its 75% share through equity acquisition.
Wonderful Ace owns a serial of consumer magazines, targeting at luxury consumptions, such as golf, watch, and luxury real estates. First issued in 1994, China Golf magazine is the No.1 and first professional golf magazine in mainland China; and now it has three versions: Simplified Chinese, Traditional Chinese, and English. It has a monthly circulation over 200,000, all in a very niche and privileged market. China Golf Management magazine was founded in 1997 with readers specifically in golf industry business. China Golf Club, a subsidiary of China Golf magazine, organizes activities for golf players and privileged customers as well as a serial of golf tournaments annually.
"China Golf magazine is the most influential magazine in China golf industry. This acquisition will bring China Golf Group a sustainable revenue and income yearly, enhance our brand awareness and influence in golf industry, expand our connections to high-end customers, and the most loyal golf fans," 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 courses, golf communities and improved land properties sold to developers of private residence villas and/or corporate clubs. In July 2010, China Golf merged with a Delaware public company and filed with the U.S. Securities and Exchange Commission ("SEC"). China Golf designs, constructs and develops premium golf courses and golf communities in the People's Republic of China ("PRC") through our PRC based operating companies. We offer a full spectrum of golf course development and management services, including design, engineering, construction, and maintenance of golf courses as well as consulting and management of golf projects. 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.
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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.