The Board of Directors of Golfzon Co., Ltd. (KOSDAQ:A121440) agreed to spin off screen golf business division on October 16, 2014. The shareholders of Golfzon Co. on the allocation record date will receive 0.170300496 share of screen golf business division for 1 share held. For the fractional shares less than 1 share will be paid in cash by computing the closing price on the first day of re-listing of the new shares of the newly established company. The newly established company will be named Golfzon Co., Ltd. and the surviving company will be named Golfzon Yoowon Holdings Co., Ltd. The spinoff is subject to approval by shareholders of Golfzon Co. The spinoff is approved by Board of Directors of Golfzon Co. The spinoff will take place on March 1, 2015.

As of March 1, 2015, Screen Golf Business Division reported total assets of KRW 47.4 billion. As of January 9, 2015, Golfzon Co., Ltd. will spin-off on March 1, 2015 and will establish Golfzon Co., Ltd. (provisional name) through spin-off as well as Golfzon Distribution Co., Ltd. (provisional name) through physical division. The surviving company's name will change to Golfzon Yoowon Holdings Co., Ltd. (provisional name). Golfzon Yoowon Holdings Co., Ltd. will own 100% equity in Golfzon Distribution Co., Ltd. As of March 6, 2015, Changed listing scheduled date and Re-listing scheduled date will be April 3, 2015.