ClubLink Corporation
TSX : LNK

ClubLink Corporation

October 18, 2006 08:14 ET

ClubLink Announces Successful Resolution of Income Tax Reassessments

KING CITY, ONTARIO--(CCNMatthews - Oct. 18, 2006) - ClubLink Corporation ("ClubLink")(TSX:LNK) announced that, pursuant to minutes of settlement executed late yesterday, the Minister of National Revenue has agreed to accept the basis on which ClubLink accounted for membership fees in its tax returns for the taxation years 1994 to 2001. The Canada Revenue Agency and Ontario's Ministry of Finance had previously issued notices of reassessment in respect of these tax returns.

As a consequence of the settlement, management expects to receive refunds of amounts previously paid to the Canada Revenue Agency and Ontario's Ministry of Finance aggregating to $7.0 million together with interest within the next five months.

ClubLink is Canada's largest owner, operator and developer of member golf clubs.

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