Exclusive Cruises and Resorts, Inc. Announces Its Intention To Divest Exclusive Properties, Inc.
MIAMI BEACH, Fla.--(BUSINESS WIRE)--Nov. 29, 1999--Exclusive Cruises and Resorts, Inc. (OTCBB: XCLU) today announced that they are in final negotiations to sell Exclusive Properties, Inc.
Exclusive Properties, Inc. was originally acquired to be the holding company for the boutique cruise ships and resorts that operate or are located in high demand tourist destinations and to undertake their partial-timeshare. The Board of Directors of Exclusive Cruises & Resorts has determined that, for tax and other reasons, it is in the long-term interest of the shareholders for the company to hold title to the properties, directly, and to contract out timeshare marketing and sales.
Commenting on this divestiture, George Macropulos, President of Exclusive Cruises and Resorts said: "After extensive consultation with our tax and legal advisors, the sale of our 100% stake in Exclusive Properties, Inc. will allow us to concentrate on developing a chain of boutique cruise ships and resorts and to leave the timesharing sales aspect of our business in the hands of organizations with the best track records and technologies. It is anticipated that at the close of this transaction, Exclusive Cruises & Resorts will have ownership of 90% of the outstanding shares of Acqua Azzurra Meritima Ltd and will have assumed the option to purchase 51% of ExclusiVactions at Miami Beach, LLC. Exclusive Properties, Inc. will be acquired by an independent group that will undertake the timeshare sales of our company's first Florida project."
Exclusive Cruises and Resorts, Inc. is also the parent company of ExclusiVacations, Inc., it's principal sales and fulfillment arm. The company's sources of revenue include timesharing, cruise and room sales from its own properties, as well as general travel services to its customer base.
Negotiations are expected to be concluded within the next two weeks.
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.
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Contact:
for Exclusive Cruises and Resorts, Inc.:
Steven G. Trapp & Company, 888/253-2542
trappcl@ibm.net
or
Investor Relations:
The Compass Point Group, Inc.
Diann Tongco, 619/525-0800
dt@compasspointgroup.com
URL: www.compasspointgroup.com
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