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Pellucid Finds Fatal Flaws In Feasibility Studies "A Combination of Inflated Consumer Data, Misapplied" Contact James Koppenhaver 847-808-7651 jimk@pellucidcorp.com (April 7, 2003) - Pellucid Corp., an emerging golf industry information and insight provider, believes that it has uncovered one of the main culprits of the supply glut of the 1990s: Inflated consumer data being applied at Census Region and Total US levels for local market analysis. Pellucid founder Jim Koppenhaver says he stumbled on the finding while developing his company's newest product, GolfStats. He explains, "We were challenged by a respected group of appraisers to find a more precise way to measure participation, frequency and play rates than the NGF's Golf Participation in the US report that they were currently using. GolfStats was our answer providing state-level and state-by-income/age/population size figures. Anticipating their next question (How much more precise is it?), we ran a quick comparison and the results were pretty startling." GolfStats is the next generation of consumer information for those golf entities including lenders, appraisers, real estate developers, consultants and multi-course operators having a need to know the consumer fundamentals of geographies below Total US or 9 Census Regions. Based on a nationally balanced consumer survey mailed to 130,000 US households, it provides the following key improvements to existing information sources: It incorporates the declining participation trend (current sources portray a flat-to-increasing trend) State-level data on participation, frequency and play rates (rounds per 1,000 population, combines participation and frequency variables) is more precise than the large, non golf-based US Census Regions (Miami to Maryland?) State-by-Population Age/Household Income/Metro, Non-Metro play rates is vastly superior to using Total US Age and Income figures while Metro/Non-Metro figures are a Pellucid exclusive Affordable modular pricing on a state-by-state basis for the first time allows smaller independent appraisers and consultants to have access to superior quality consumer information Koppenhaver states further, "In our 49-state (Continental US and Washington D.C.) comparison, we found that the industry's regional-level figures being used by most entities today show 33 states overstated on play rates by 10% or more, 8 states fall within +/-10% to Pellucid's state-level rates and the remaining 8 states understated by 10% or more. Is it possible given those variances that we might have discovered one of the root causes of the supply glut of the '90s being that nearly every feasibility/appraisal/market study was based on the industry-standard numbers?" Those interested in improving the accuracy of their consumer base estimates for any of the above types of applications can receive more information, a sample deliverable and pricing by simply registering at Pellucid's website (www.pellucidcorp.com/html/home/inquire.aspx, choose GolfStats). Koppenhaver concludes, "We continue to close the gap on the information flaws that have contributed to the challenging industry environment we face today. What we must rely upon with products like GolfStats is that the end clients like lenders, owners, municipalities and buyers will require this superior information in future analyses in order to make better-informed valuation decisions."