LAKELAND, FL – Meadowbrook Golf Group Inc. (OTCBB: MGGI), one of the nation’s leading golf course operating companies, has attained its goal of owning, leasing or providing management services to 100 golf courses— a full year prior to the year-end, 2000 target date originally set by the company. Courses in the growing Meadowbrook portfolio include those maintained by Meadowbrook subsidiary International Golf Maintenance (IGM), the largest golf course maintenance company in the U.S.

"Reaching the 100 course plateau is an important benchmark for the company," Jim Sartain, CEO of Meadowbrook Golf Group, said. "The achievement solidifies our position as an industry leader and allows us to offer added value to our clients and employees alike."

A key to the company’s accelerated growth pace was the purchase of KSL Fairways Group in October, for in excess of $100 million. The addition of the 24 KSL courses positions the company as the third largest in the industry. Revenues for 2000 are projected to exceed $100 million.

Meadowbrook officials say the company is large enough to provide the services and resources needed by its growing clientele, without losing touch with clients or with individual facilities. “We work hard to be known as the company that stays close to its courses, its customers and its employees,” Meadowbrook president Bill Stine said. “Adding the KSL courses has led to a strengthening of our regional management focus, and our systems for monitoring operations at every facility on a daily basis.”

To successfully manage growth while continuing to provide frequent on-site support and supervision, Meadowbrook and IGM maintain regional offices throughout the U.S., including Massachusetts, Pennsylvania, Wisconsin, Florida, Illinois, Virginia, Georgia and California. Corporate headquarters are located in Lakeland, Florida, and all facility management and development projects are directed from the national operations office near Orlando.

In addition to increased revenues, Meadowbrook and IGM expect productivity gains as more facilities are operated and maintained by the company. “At both the national and regional levels, our growth is helping us become more cost-effective in allocating personnel, systems and other resources,” Sartain noted.

Another byproduct of the company’s 1999 acquisitions program has been a leveling of month-by-month cash flows. Many of the new Meadowbrook courses are located in the north, where golf revenues peak in the summer. Prior to 1999, most Meadowbrook and IGM courses were located in the southeastern U.S., where golf revenues peak in the winter.

Management expects Meadowbrook and IGM to see continued growth in 2000. Priorities are to increase revenues at courses owned and leased by the company, to lease and acquire additional courses, and to expand course maintenance services through IGM.

“One advantage of growth is that it gives us more visibility and exposure in the industry,” Sartain said. “This leads us to more opportunities, and should make it easier to achieve our future growth benchmarks.”

Meadowbrook Golf Group, Inc. employs nearly 3,000 industry specialists and professionals. Created as a corporate entity in 1997, Meadowbrook is a publicly-traded company with operations in 17 states. A major equity position is held by Apollo Real Estate Advisors, New York, which also is a financial partner in major Meadowbrook acquisitions, such as the KSL purchase.