The Board of Directors of Golfzonnewdin Co., Ltd. announced the spin-off of Golfzoncounty Co.,Ltd.
October 26, 2017
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The Board of Directors of Golfzonnewdin Co., Ltd. (KOSDAQ:A121440) announced the spin-off of Golfzoncounty Co.,Ltd. on October 27, 2017. As per the terms of the deal, Golfzonnewdin Co., Ltd. will spin-off the golf course operation business and the commerce business division. The shareholders of Golfzonnewdin Co., Ltd. will receive the shares of Golfzoncounty Co.,Ltd. in proportion to the current shareholding ratio. Post-completion, Golfzonnewdin Co., Ltd. will continue to operate the management division and will be renamed to GOLFZONCOUNTY Asset Management Co., Ltd. Golfzoncounty Co.,Ltd. had total assets of KRW 18.9 billion and net assets of KRW 5.9 billion as of September 30, 2017. The Board of Directors of Golfzonnewdin Co., Ltd. resolved the deal on October 27, 2017. The General meeting of shareholders of Golfzonnewdin Co., Ltd. will be held on November 28, 2017. The period of submission of objections from creditors will be from November 30, 2017 to December 30, 2017. The expected completion date for the spin-off is January 1, 2018. The spin-off registration prearranged date will be January 2, 2018.
GOLFZON NEWDIN HOLDINGS Co., Ltd., formerly GOLFZONNEWDIN Co., Ltd., is a Korea-based company mainly engaged in the development of golf game software. The Company and its subsidiaries are engaged in the provision of golf simulators, including swing plates, golf simulator online services, online screen golf services, golfzon live managers, as well as operation of golf courses. It also provides simulator maintenance services and distributes golf supplies. The Company provides online services through Golzon.com, which enables customers to watch real-time swing motion videos and ranking information during game rounds, and access to golf column for golf learning articles and event information. It supplies its products within domestic market and to overseas markets.
GOLFZON NEWDIN HOLDINGS CO., LTD. 
