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Exclusive Cruises & Resorts, Inc. Announces International Acquisition
MIAMI BEACH, Fla.--(BUSINESS WIRE)--March 27, 2000--Exclusive Cruises and Resorts, Inc. (OTCBB: XCLU) today announced that it exercised its option to purchase a majority stake in Club Mykonos in Greece.
The terms of the agreement call for a purchase price of $1,250,000.00 for 51% of the resort holding company.
Commenting on the agreement, Dr. George Macropulos, President of Exclusive Cruises and Resorts, said, "The acquisition of a majority stake in our first international property is another step in the fulfillment of our growth plans. This beach front boutique hotel is located on the jet-set island of Mykonos, the most famous of the Greek islands.
This 40-unit resort hotel has been in operation since 1974 and will be upgraded to a 4-star level with some of the space being sold as timeshare via the eVacationClub member program.
Exclusive Cruises & Resorts, Inc. also announced that the divestiture of Exclusive Properties Inc. of Delaware has been completed. The transaction was consummated at book value since Exclusive Properties Inc. was a holding company and all its assets are retained by Exclusive Cruises & Resorts, Inc..
Exclusive Cruises and Resorts, Inc. is also the parent company of ExclusiVacations, Inc., its 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.
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 are 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
trappc1@ibm.net
or
xclustock.com |
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