GINN ANNOUNCES END OF ITS SPONSORSHIPS OF PROFESSIONAL GOLF

Palm Coast, Fla. (January 28, 2009) – Ginn Sports Entertainment, LLC and Ginn Development Company, LLC jointly announced today that they have made the decision to end their active participation in professional golf.  Effective immediately, these Ginn companies are withdrawing their sponsorship of the Ginn Championship at Hammock Beach, the Ginn Open at Reunion and the Ginn sur Mer Classic at the Conservatory, will not be hosting or producing any of these professional golf tournaments (including 2009 tournaments), and will no longer be sponsoring professional golfers.

Ginn Development Company is in the real estate resort and community development business - a sector of the economy that has suffered significantly during the credit and real estate meltdown. 

Last Friday, real estate sales and marketing operations for Ginn communities were terminated due to the loss of revenue in these businesses.  The revenue that was generated from these operations had been used to fund the professional golf tournaments and sponsorships, including paying for the prize money and television coverage for these events. 

“We have worked diligently with many others for several months to find solutions to our predicament with respect to these professional golf tournaments,” said Robert Gidel, president and CEO of Ginn Development Company.  “We did the best we could, but the economy got the best of us with respect to the tournaments.”

Last August, Ginn Sports Entertainment announced that the Ginn Tribute would not take place in 2009 and 2010. 

Following this decision to end all participation in professional golf, it is anticipated that all tournament operations and staffing will cease as part of the continued efforts to cut corporate spending in light of the economy.

“While our association with professional golf has been brief, it has certainly been a highlight for our owners, members, guests and employees,” said Gidel.  “We are grateful to all our employees, members and volunteers, and to the professional organizations and charities that we have worked with that have made this experience a memorable one.”

For more information or inquiries about the tournaments, please click here for a list of tournament contacts.