TWC ENTERPRISES LIMITED ANNOUNCES TRANSACTION INVOLVING CLUB DE GOLF ISLESMERE

KING CITY, ON, May 17, 2022 /CNW/ - TWC Enterprises Limited (TSX: TWC) ("TWC") is announcing today a transaction involving Club de Golf Islesmere located in Laval, Quebec ("Islesmere").

Together with its partner, TWC has reached an agreement to sell the property to a Quebec developer for proceeds of approximately $70 million. TWC is entitled to approximately 45% of these proceeds upon closing.

This transaction is subject to both a due diligence condition and a condition for a change in zoning.

Closing of this transaction is not anticipated before 2023.

Corporate Profile

TWC is engaged in golf club operations under the trademark, "ClubLink One Membership More Golf." TWC is Canada's largest owner, operator and manager of golf clubs with 47.5 18-hole equivalent championship and 2.5 18-hole equivalent academy courses (including two managed properties) at 36 locations in Ontario, Quebec and Florida.

SOURCE TWC Enterprises Limited

Andrew Tamlin, Chief Financial Officer, 15675 Dufferin Street, King City, Ontario L7B 1K5, Tel: [phone], Fax: [phone], [email protected]