Golf Town Canada has become significantly
larger through the acquisition of Golf Surface Inc., a major regional golf retailer within Quebec. Through this transaction, Golf Town will double the number of golf superstores it operates in the important Montreal-area market.

“Although we've had strong growth since opening our first stores, this is
the first time we've made an acquisition,” notes Golf Town President and CEO
Stephen Bebis. “This increases our already very strong national purchasing
power. And it decisively establishes Golf Town as the leader in one of
Canada's most vibrant golf markets, which we entered less than two years ago.”

Golf Surface President and CEO Benoît Dufresne says the acquisition is a
tribute to that company's track record in the competitive Quebec sports
retailing market.

“Successful companies attract attention,” Dufresne says. “We're pleased
with the transaction we've concluded, and confident the Golf Surface stores
will prove to be very valuable assets within Golf Town's national network.”

Golf Town and Golf Surface each operate three major golf retail outlets
in various locations throughout the Montreal area. The stores will continue to
operate under the separate Golf Town and Golf Surface brands for the time
being, says Bebis. No store consolidation or staff reductions are expected as
a result of the acquisition.

According to the Royal Canadian Golf Association, there are more than
850,000 golfers in Quebec. About one third of them are high-frequency “core
golfers”, and about two-thirds of them have annual household incomes of
$50,000 or more.

“This is not only a major leap forward in Golf Town's growth strategy,
but also very good news for the golfing consumer,” Bebis says. “We can now
assure easy and consistent access to our unparalleled merchandise, service and
price offerings throughout the Montreal region.”
The acquisition agreement was concluded yesterday and will close on
November 4, 2003. Due to the fact that both companies involved are private,
details of the transaction were not released.