November 22, 2006 17:57 ET

Jazz Golf Proposal, New Ownership Approved

WINNIPEG, MANITOBA--(CCNMatthews - Nov. 22, 2006) - The previously announced Proposal of Jazz Golf Equipment Inc. ("Jazz") (TSX VENTURE:JZZ.A) made pursuant to the Bankruptcy and Insolvency Act (the "Proposal") was approved by The Honourable Mr. Justice Clearwater of the Manitoba Court of Queen's Bench at a hearing held today in Winnipeg, Manitoba.

As contemplated by the Proposal, Jazz will proceed to sell all of its assets and undertaking to 5330319 Manitoba Ltd. ("Newco"), a private corporation financed by Ensis Growth Fund Inc. This transaction will close November 23, 2006, at which time Jazz will cease to carry on active business and Newco will continue on the business of designing and selling golf equipment under its new name, Jazz Sports Limited. The consideration received for such transfer of assets will be consistent with the terms of the Proposal.

The shares of Jazz presently listed on the TSXV will move to the NEX Board of the TSXV, where Jazz shares will trade under the symbol JZZ.H.

As a condition of the sale of its assets, Jazz has undertaken to change its name to a name that does not include the words "Jazz Golf".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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