The Board of Directors of Golfzon Co., Ltd. (KOSE:A121440) authorized a share repurchase program on August 8, 2011. Under the program, the company will repurchase up to KRW 12 billion worth own shares pursuant to a trust agreement with Korea Investment & Securities Co., Ltd. The purpose behind the program is stability of stock price, enhancement of shareholder value, delivery of shares as incentives for Officers and employees and delivery of shares following stock options. Repurchases will commence on August 8, 2011 and will continue until February 7, 2012. As of October 8, 2010, the company does not hold any shares in treasury. Korea Investment & Securities Co., Ltd acted as the broker for the buyback. Golfzon Co., Ltd.'s share repurchase program expired on February 7, 2012. Under the plan, the company has repurchased 201,661 shares.