Tri-White Corporation completes transaction to increase ownership of ClubLink

    Stock Symbol: (TSX: TWH)

    TORONTO, June 1 /CNW/ - Tri-White Corporation ("Tri-White") announced
today that it has completed a transaction with 2126521 Ontario Inc. to
purchase 6,635,300 common shares in the capital of ClubLink Corporation
("ClubLink") at a price of $13.25 per common share. With respect to the total
consideration of $87,917,725, $35,000,000 was settled by way of a one year
unsecured note, with the balance in cash. As a result of the transaction,
together with the common shares previously owned, Tri-White beneficially owns
11,995,475 common shares, representing approximately 70.7% of the issued and
outstanding common shares of ClubLink. Tri-White is considering various
options with respect to its holding in ClubLink, including the possibility of
making an offer at the same price to the remaining shareholders of ClubLink.
    Tri-White Corporation holds a diverse merchant-banking portfolio and is
publicly listed on the Toronto Stock Exchange. K. Rai Sahi, Chairman and Chief
Executive Officer controls approximately 70% of the outstanding common shares
of Tri-White. Tri-White is now the largest shareholder of ClubLink
Corporation, Canada's leading owner, operator and developer of high quality
member golf clubs, with 40, 18-hole equivalent properties in Canada. As well,
Tri-White is the largest shareholder of Renasant Financial Partners Ltd., a
financial services provider and equipment trading organization, operating
throughout North America and Europe. In addition, Tri-White owns a 100%
interest in the historic White Pass & Yukon Route Railway, with strategic
holdings in the port operations and supporting excursions, based in Skagway,

    %SEDAR: 00009355E

For further information:

For further information: K. Rai Sahi, Chief Executive Officer, Tel:
(905) 281-3800, Fax: (905) 281-5890, e-mail:; Don Turple,
Chief Financial Officer, Tel: (905) 281-5948, Fax: (905) 281-5890, e-mail:

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