GOLFZON Signs Contract with Chunbok Company to Supply 100 Golf Simulators to Thailand

– Signed an exclusive supply and sales contract with Chunbok
Company Limited in Thailand for supplying at least 100 golf simulators
over the next three years


– Leveraging the contract, GOLFZON will build a foothold in
Thailand and accelerate expansion of golf simulator market in Southeast
Asia

SEOUL, South Korea–(BUSINESS WIRE)–GOLFZON (CEO: Jang Sung Won) (www.golfzonsimulator.com)
(KOSDAQ:215000), is expanding into Thai market, dubbed the golfer’s
paradise, with its golf simulators.

GOLFZON held on December 16, 2015 a ceremony of signing an exclusive
sales agent contract for golf simulators with Chunbok Company Limited in
Thailand at Esplanade Shopping Mall located in Rachada, Bangkok,
Thailand.

Established in 2008, Chunbok Company Limited is a computer and IT
provider dedicated to consulting services to private and government
organizations in Thailand in relation to software programs and
development, while supplying IT facilities to multiplex cinemas.

The contract signing ceremony was attended by Jang Sung Won, CEO of
GOLFZON, Lee Min Seop, General Manager for Global Business Division at
GOLFZON, and Sikorn Cheeranavanit, CEO of Chunbok Company Limited.

Under the contract, GOLFZON will supply at least 100 golf simulators
over the next three years starting on December 16, 2015, and Chunbok
Company Limited will exclusively sell these products in Thailand.
GOLFZON has identified success potential of simulation golf, or screen
golf, in Thailand by operating Ekkamai Shop, its first store in the
country, for years.

At the contract signing ceremony, CEO, Sikorn Cheeranavanit of Chunbok
Company Limited said, “Though Thailand provides high accessibility to
golf courses at reasonable prices, we could see significant growth
potential of golf simulators in this market thanks to outstanding
product quality and support of GOLFZON. I believe Thai golfers will be
excited about unusual pleasure of golf by experiencing excellent
technology of GOLFZON. Particularly, I expect that they will respond to
a new culture of enjoying golf while avoiding the hot weather.”

CEO Jang Sung Won of GOLFZON stated, “Screen golf business in Thailand
has different meaning from other countries because field golf
infrastructure is so well established that it is called the golfer’s
paradise and most Korean professional golfers visit the country for
off-season training. I expect the combination between technologies of
GOLFZON and business capability of Chunbok Company Limited will generate
a synergy. Also, it is very meaningful in that GOLFZON can now build a
foothold for increasing its presence in Thailand and Southeast Asian
markets.”

Advanced technology of GOLFZON’s golf simulators was widely recognized
as the company concluded an agreement with the LPGA in January this year
for using them as official simulators for 3 years. And their excellence
was also demonstrated as world’s top women professional golfers in Korea
as well as young hopeful golfers are maintaining sense of games using
golf simulators of GOLFZON.

Based on the arrangement, GOLFZON will supply golf simulators and
Chunbok Company Limited will sell them in Thailand after further
discussing ways of operation and specific plans.

Meanwhile, GOLFZON is scheduled to hold the event of opening its third
shop on December 17 at MegaBox Mall in Hong Kong. The third shop is
installed by GreenLive, its official agent in Hong Kong. GOLFZON expects
that the third shop will contribute to establishing screen golf as an
instrument of new golf culture for Hong Kong citizens.

About GOLFZON

GOLFZON is a world leading company in the virtual golf industry,
established in South Korea in 2000. GOLFZON has been trying to overcome
the entry barrier to golf and expand the number of golfers under the
corporate philosophy, “making golf enjoyable for everyone,” believing
that golf should no longer be exclusive for the upper class. With a
simulation-based business model consisting of golf, IT, and culture,
GOLFZON is presenting golf in a way never seen before. In addition,
products have been internationally recognized for their high quality and
are currently being exported to more than 30 countries in Asia, North
America, Europe, and other continents.

Contacts

GOLFZON CO., LTD
Jaewoo, Yoo, +82-70-8640-6494
jwyoo0626@golfzon.com
or
Paige,
Ahn, +82-70-8640-6145
iamajk@golfzon.com