I don't know their financial statistics, but I do know that Goldman Sachs, the Robertson Stephens Group and a French Mutual fund have made large investments in LCAN . I'm sure LCAN is losing money .
52 wk low 1.25 52 wk high 3.40 Friday's close $ 2.50
This is a cut and paste from Leisure Canada's web site
For Immediate Release:
March 2, 1999
LEISURE CANADA ANNOUNCES LE MÉRIDIEN VILLAGE, JIBACOA
Vancouver, BC - Leisure Canada Inc. is pleased to announce that it has reached
agreement with the Méridien Hotel Group to move forward on the development of the
Le Méridien Village at its Jibacoa site. The agreement calls for the incorporation of the
design, planning, furnishing, equipment and décor of the hotel, allowing it to carry the
trade name and service marks of this world renowned international hotel group, as well
as participating in the chain's international advertising and sales promotion programs.
This agreement with Le Méridien Hotels & Resorts allows Leisure Canada Inc. to join
forces with one of Europe's leading hotel groups - a division of the famed luxury Forte
Hotels. Le Méridien brings worldwide recognition as an operator of world class hotels
and resorts. It will partner in the design, development, and management of three of the
first phase hotels, totalling 600 rooms. The Le Méridien Village Jibacoa will form the
cornerstone of Leisure's 5.5 sq. km. property in Jibacoa, Cuba, with an anticipated
start of construction in September 1999.
To add to this, the Company plans additional 1,600 vacation ownership golf villas and
condominiums, strategically located around two golf courses and marinas.
The famed Village in Sardinia, Italy is Le Méridien's most successful and profitable
resort. Le Méridien will duplicate the fantastically successful village model into Cuba's
paradise climate and market product to match success of the Forte Village, Sardinia.
As part of the agreement, Le Méridien will bring the full forces of their international
marketing expertise to promote the offering at Jibacoa, Cuba.
Leisure Canada is futher involved in discussions with several other major hoteliers and
high-end resort developers for the remaining four hotel sites planned in Jibacoa. When
the entire project is complete under Leisure Canada's masterplan, it will include cruise
ship facilities, marinas, a guest ranch, central villages featuring world renowned retail
brands - all to offer vacationers an array of activity and experiences ranging from
culture to restaurant, tennis facilities, swimming pools, golf course and of course Le
Méridien's signature spa facility, unique in the world.
For more information, please contact:
Graeme Lempriere
Vice-President, Leisure Canada Inc.
Telephone: 1-888-600-8687
Or visit our website at leisurecanada.com
Shares Issued & Outstanding: 22,931,725
Trading CDN: LCAN
CUSIP No. 524911104
For Immediate Release:
February 16, 1999
PRESIDENT OF MARRIOTT HOTELS JOINS BOARD OF LEISURE
CANADA INC.
Vancouver, BC - Walter Berukoff, President and CEO of Leisure Canada Inc. (LCI;
trading CDN : LCAN), the leading developer of destination resorts in Cuba, is
pleased to announce the appointment of Simon F. Cooper to the Board of Directors.
Mr. Cooper, President of Marriott Lodging Canada and Senior Vice President of
Marriott Lodging International, is responsible for overseeing all existing Marriott Hotel
brands in Canada and for fulfilling Marriott's goal of rapid hotel development.
Mr. Cooper's appointment to the LCI Board of Directors will enhance the dynamic
management group. Mr. Cooper previously served as President of Delta Hotels &
Resorts and was instrumental in the operations of several hotels in Cuba. He has also
worked with LCI's Cuban management team including Marcelo Montenegro, Vice
President, Wilton Properties Ltd., General Director, Vancuba and Peter McLeod,
Senior Vice President, Design and Development of Leisure Canada Inc.
Mr. Cooper was born and educated in Britain and came to Canada to earn a
post-graduate degree from the University of Toronto. In1972, he began working for
Canadian Pacific Hotels & Resorts. In1989, he was promoted to President & Chief
Operating Officer of Delta Hotels & Resorts based in Toronto, Canada and left Delta
in 1998 to lead Marriott's rapid expansion program in Canada. While at Marriott, Mr.
Cooper has been recognized as an industry leader with an excellent international
reputation.
Mr. Cooper is one of the principle forces behind the creation of the Canadian Tourism
Commission (CTC), an organization committed to promoting Canadian tourism
internationally. His appointment to the Board of Directors of Leisure Canada Inc.
strengthens the existing Board of Directors and will assist the company in achieving its
goals.
Leisure Canada Inc. is the leading developer of destination resorts in Cuba with four
major properties currently under development including 11 first-class luxury hotels,
two 18-hole championship golf courses, health spas and shopping centres.
For more information, please contact:
Graeme Lempriere
Vice-President, Leisure Canada Inc.
Telephone: 1-888-600-8687
Website: leisurecanada.com
Shares Issued & Outstanding: 22,691,725
Trading CDN: LCAN
CUSIP No. 524911104
For Immediate Release:
February 9, 1999
TAIPAN TRADER
TRADE 9908 ACTION SUMMARY
BUY LEISURE CANADA (LCAN-TORONTO OTC) UP TO CD$2.25
(US$1.50) IMMEDIATELY
Dear Trader,
I just got back from Cuba. I was inspecting the properties of Leisure Canada
(LCAN-TORONTO OTC). Leisure Canada has a 50-year lease (with a 25-year
option) on three of the hottest undeveloped resort properties in Cuba.
The Cuban government has a 50% stake in the projects. No Helms-Burton claims
have been filed against LCAN's properties. Méridien will operate LCAN's
Jibacoa property under the Méridien flag (Méridien -- no mug company -- has a 10%
equity stake!).
The US Cuban embargo is softening. Further easing of restrictions by Clinton would
be a potential catalyst for a big rally in LCAN, since it's one of the world's only pure
equity plays on Cuba. The coming Baltimore Orioles-Cuban National Team series in
Havana and Baltimore will put Cuba on front page of the Wall Street Journal and New
York Times.
CNN is going to air a special on Canadian investments in Cuba in late
February. The CNN show will include substantial coverage of LCAN. The stock
could explode higher after the CNN special.
I am anticipating a string of positive announcements from LCAN over the next two
months that will help support the stock at significantly higher levels. At CD$2.25 on 26
million shares outstanding, there's not much downside.
I recommend the immediate purchase of Leisure Canada (LCAN-TORONTO OTC)
up to CD$2.25 (US$1.50) with a two month target of CD$6.00 (US$4.00).
LCAN trades on the Toronto OTC market. If you're going to trade LCAN, I
recommend using Peter Schiff at Euro Pacific Capital, tel. 310-448-8000, tel.
800-272-7922, fax 310-448-8008. If you use a discount broker to buy a Canadian
OTC-traded stock like LCAN, you could get charged an egregious markup from the
actual bid/ask spread.
For Immediate Release:
November 25, 1998
LE MÉRIDIEN HOTELS & RESORTS UNITE WITH LEISURE CANADA IN
ITS MULTIDESTINATION RESORT PROJECT IN JIBACOA, CUBA
Leisure Canada Inc. is pleased to announce that it has entered into a Letter of Intent
with Le Méridien Hotels & Resorts, one of Europe's leading hotel groups which
operates a globally recognized chain of first class hotels and resorts. The Letter of
Intent calls for the opening and operation of three hotels within 30 months of a final
signed agreement targeted for December 31, 1998. The final agreement will
incorporate the design, planning, furnishing, equipment and décor of the hotel, allowing
it to carry the trade name and service marks of this world renowned international hotel
group, as well as participating in the chain's international advertising and sales
promotion programs. The agreement will also span a long-term management contract
with multiple renewnal rights. This unique European proven concept is exclusive to
Leisure Canada in Cuba.
The first phase of the agreement will lead to the development of three hotels totaling
550/600 rooms. This project will be designed together with this high profile European
hotel group to ensure its international standards, which will mirror its famous resort in
Sardinia, Italy. The agreement will also include Le Méridien's signature spa facilities,
retail village, restaurants and entertainment facilities, convention centre, tennis courts,
pier facilities and children's complex. This will all centre around Leisure Canada's
recently announced development of its first of two 18-hole championship golf courses,
to be designed, developed and managed by the world renowned Gleneagles Golf
Developments of Scotland.
This agreement also encompasses a second phase consisting of an additional 400
rooms and a marina, which brings the agreement to a total of 1,000 rooms. The hotel
will be managed by Le Méridien Hotels & Resorts, who have expressed a strong
interest in equity participation.
This agreement, in combination with Gleneagles, completes the commitments of Phase
1 at Jibacoa, making this site a true world class destination resort.
For further information, contact:
Investor Relations Department
Leisure Canada Inc.
Telephone: 1-888-600-8687 or (604) 990-9599
Fax: (604) 990-9584
For Immediate Release:
November 4, 1998
WORLD RENOWNED GLENEAGLES GOLF DEVELOPMENTS TEAMS UP
WITH LEISURE CANADA INC. TO PARTICIPATE IN THE DEVELOPMENT
OF LEISURE CANADA'S MULTIMILLION DOLLAR PROJECT IN CUBA.
Mr. Ian Ferrier, Managing Director of Gleneagles Golf Developments of Scotland and
Mr. Walter H. Berukoff, Chairman of Leisure Canada are pleased to announce they
have entered into an agreement that will lead to the design, development, construction
and management of the first of two 18 hole championship golf courses planned at
Leisure Canada's 5-1/2 square kilometre multidestination site at Jibacoa, Cuba.
Gleneagles, a name synonymous with golf, excellence and world class standards,
earned its reputation through many years of marrying tradition with innovation and
delivering an experience beyond expectation.
"Quality partners and good arrangements take time", said Walter H. Berukoff,
Chairman. "We have continuously been developing our vision of excellence, in doing
so we have been sucessful in building key alliances with world class groups, and the
Gleneagles announcement is one example of Leisure Canada's commitment to
developing Jibacoa as a world class, multidestination resort in Cuba."
Construction of the site is scheduled to begin within the second half of 1999. This
ocean side championship golf course will be anchored by Leisure Canada's existing
master plan consisting of six hotels, a marina, convention centre, European spa, central
shopping village, equestrian centre and a second golf course. All facilities compliment
Leisure Canada's plan for its residential real estate vacation property ownership phase.
This $200 million multidestination resort at Jibacoa makes up one of several projects
of Leisure Canada's tourism development in Cuba.
For further information on sites and backgrounders to Leisure Canada and Gleneagles
Golf Developments, please call:
LEISURE CANADA INC.
Walter H. Berukoff, Chairman
Bill Kerby, President
John Gray, Vice President, Corporate Communications
Telephone: 1-888-600-8687 or (604) 990-9599
Fax: (604) 990-9584
GLENEAGLES GOLF DEVELOPMENTS
Ian Ferrier, Managing Director
Telephone: 44-764-694-481
Fax: 44-764-663-075
For Immediate Release:
July 31, 1997 TORONTO, ONTARIO
LEISURE CANADA INC. (LCI) TODAY ANNOUNCED THE COMPLETION
OF THREE SEPARATE PRIVATE PLACEMENTS TOTALING $10,050,000.
The first private placement consisted of an equity issue totaling $1,050,000 at a price
of $3.50.
The next C$4.5 million was a placement of 7% convertible subordinated debenture.
The interest on the debenture is payable in cash or shares at the Company's option and
is convertible until June 30, 1999 at the debenture holders option. Thereafter, the
Company can require conversion at a price adjusted to the 21 day trailing average
stock price so long as the shares are trading above $3.00.
The third portion was a $4.5 million equity issue with a full warrant attached. This was
fully subscribed for by the Robertson Stephens Group Orphan Fund. The Robertson
Group are substantial shareholders in LCI and this placement increases their total
holdings in the Company to approximately 19.9%.
LCI is currently in the first of four phases of its hotel and resort development program.
This calls for the completion and opening of three resorts in 1999/2000. When all four
phases are complete, the Company will have ownership in 11 hotels and resorts,
representing 4,200 rooms.
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