Tri-White Corporation completes
transaction to increase ownership of ClubLink
Friday June 1, 1:17 pm ET

Tri-White Corporation (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, Alaska.

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For further information
K. Rai Sahi, Chief Executive Officer,
Tel: (905) 281-3800,
Fax: (905) 281-5890,
e-mail: rsahi@morguard.com

Mr. Donald Turple, Chief Financial Officer
55 City Centre Drive, Suite 1000
Mississauga, Ontario, L5B 1M3
Phone: (905) 281-5948
Fax: (905) 281-5890
e-mail: dturple@morguard.com