ITR Expands Management Team / Announces Revenue Forecast
Further to my post (#13) on this thread about my selection for your portfolio, here's something more to consider in evaluating the potential of my candidate:
LANGLEY, BRITISH COLUMBIA--International Training Rinks Corp. (ITR
- Alberta) is pleased to announce that Mr. Gary Watkins has joined
the Company as Manager, Eastern Canada Operations. Mr. Watkins
will direct ITR's expansion and operations in Eastern Canada.
Mr. Watkins brings a solid knowledge of the ice sports industry
and proven experience in the management and construction of ice
rink facilities. Previously held positions include Director of
Special Projects with the National Hockey League's Florida
Panthers and Executive Vice President with Stadium Consultants
International, Inc. In this latter position his responsibilities
included overseeing the design, construction, and operation of the
"Incredible Ice" twin sheet facility in Coral Springs, Florida.
Mr. John Swan, President of ITR, stated, "We are very fortunate to
have attracted Mr. Watkins to our company. He couldn't have
joined us at a better time. His experience should greatly benefit
our company."
ITR is forging ahead with its plans to open new twin-sheet
facilities in Kirkland, Quebec and Surrey, British Columbia.
Sites have been selected in both cities. In Kirkland the site has
been secured and in Surrey a price is being negotiated with the
City. Rezoning is necessary in each case and the Company is very
pleased that both Kirkland City Council and Surrey City Council
are "fast-tracking" these projects. ITR intends to move forward
with construction as quickly as possible to meet its contractual
obligations with the local minor hockey associations.
Management's projections for each new twin-sheet facility
anticipate annual revenues of approximately $1,000,000 and annual
pre-tax profit of slightly less than $350,000. These projections
are based on the performance of existing rinks, the addition of
revenue streams not available in the existing rinks, the more
efficient and consumer- friendly design developed by Stadium
Consultants, a new approach to customer service, new demographic
guidelines for site selection, and increased advertising and
staffing budgets. Performance of existing rinks includes the
reported revenue of $500,840 from the Newmarket single-sheet
facility for the 12 month fiscal period ending March 31, 1998.
Although management is confident with these pro forma estimates it
does not guarantee that the projections will be achieved.
Management is pleased with its revised business plan which
reflects the new revenue projections while maintaining the target
of adding 50 new facilities over the next 5 years. The Company is
actively seeking financing for the Kirkland and Surrey projects
and for its other expansion plans.
FORWARD-LOOKING STATEMENTS
This News Release includes certain "forward-looking statements"
within the meaning of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of
historical fact, included in this release, including, without
limitation, statements regarding future plans, financial
conditions and availability of future financing of ITR are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements
will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements.
Certain important risks exist, including those disclosed in ITR's
documents filed from time to time with The Alberta Securities
Commission and the British Columbia Securities Commission and
other regulatory authorities. All subsequent written and oral
forward-looking statements attributable to ITR are expressly
qualified in their entirety by this notice, and ITR makes no
undertaking to update its forward-looking statements.
John Swan, President
International Training Rinks Corp.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
International Training Rinks Corp.
Investor Relations Service
1-888-605-8522 in Vancouver, B.C.
1-888-696-4872 in Vernon, B.C.
iceitr.com
The Alberta Stock Exchange has neither approved nor disapproved
the information contained herein. |
