Exclusive Cruises and Resorts, Inc. Closes $10 Million Credit Facility With Finova Group Inc.
MIAMI BEACH, Fla.--(BUSINESS WIRE)--Oct. 18, 1999--Exclusive Cruises and Resorts, Inc. (OTC Bulletin Board: XCLU) announces an agreement with FINOVA Group Inc. (NYSE: FNV) for a $10 million asset based Credit Facility. This new Credit Facility is a $4.3 million acquisition and construction loan with a total takeout committment of up to $10 million being used to finance future timeshare sales.
"This new lending facility will provide the Company with the needed working capital to exercise it's option and acquire a majority stake in our first project -- ExclusiVacations at Miami Beach", says George Macropulos, President of Exclusive Cruises and Resorts, Inc. "With the appropriate working capital now in place, we will focus on the execution of are aggressive business plan, which will include the renovation, expansion of capacities, and timeshareing of ExclusiVacations at Miami Beach."
Exclusive Cruises & Resorts, Inc. through its wholly-owned subsidiary, Exclusive Properties, Inc., purchases hotels & adds value via renovation and expansion of their capacities. The properties are then partially timeshared & the cash flows generated are used to pay off loans and acquire new projects. ExclusiVacations at Miami Beach is expected to have revenues of $10,605,974 and a net profit of $3,412,158 from the timeshare alone based on an 18 month sell-out period.
The North Beach section of Miami Beach is under going extensive revitalization, including the addition of a boardwalk directly in front of the hotel that will increase visibility and demand for this EXCLUSIVE project. This newest hotspot in the Miami area caters to Latin American and European tourists as well as those from the United States and Canada.
Exclusive Cruises and Resorts, Inc. is the parent company of two wholly owned subsidiaries in niche markets with high growth potential. Exclusive Properties, Inc. acquires and manages boutique cruise ships and resorts that operate or are located in high demand tourist destinations. ExclusiVacations, Inc. is the group's principal sales and fulfillment arm. Exclusive Cruises and Resorts' sources of revenue include cabin and room sales from its properties, timeshare (club membership) sales, affiliation fees, annual membership dues as well as travel services to its membership base.
FINOVA Group Inc. (NYSE: FNV), is a leading provider of capital solutions for mid sized business. FINOVA is headquartered in Phoenix, Arizona, with business development offices throughout the United States, and in London, England and Toronto, Canada. To learn more about FINOVA visit the companies web site @ www.finova.com.
Financial statements in this press release other than historical facts are "forward-looking" statements within the meaning of section 27A of the Securities Act of 1933, section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
SOURCE: Exclusive Cruises and Resorts, Inc. (XCLU)
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Contact:
for Exclusive Cruises & Resorts
Steven G. Trapp & Company, 888/253-2542
trappc1@ibm.net
or
The Compass Point Group Inc.
Diann Tongco, 619/525-0800 (shareholder communications)
dt@compasspointgroup.com |
