Barry,
Some more good news today. This confirms that we are dealing with a real company with a real future and are still able to position stock near the yearly low. When this stock is at $.50 everybody will be wishing they were buying with us.
Coz
Tuesday November 19 2:26 PM EDT
North American Resorts Inc. receives Letter of Intent from a
Pennsylvania based lender
LAKELAND, Fla.--(BUSINESS WIRE)--Nov. 19, 1996--North American Resorts Inc. ("North American")
(EBB:NIAR), a publicly traded vacation ownership management company located in Central Florida announced Tuesday
that it has received a Letter of Intent from a Pennsylvania based lender for up to $5,500,000 in additional financing for the
company's marketing of timeshare vacation club memberships.
The lender has agreed, pending final due diligence, to lend the company up to $500,000 in connection with the company's
development plan, which includes the purchase of timeshare units at a popular destination resort in Cocoa Beach, Fla. The
loans will be secured by first mortgages on any acquired properties or timeshare units. The lender has also agreed, pending
final due diligence, to purchase up to $5 million in new promissory notes generated from the company's sales program.
Donald R. Mastropietro, the company's president and chief financial officer stated: "This $5,500,000 financial commitment in
addition to the financial commitment for the purchase of promissory notes received by the company last week, will enable
North American to continue to move forward with its plan of expansion and development during the balance of the fourth
quarter of 1996 and into 1997. It is our intention to finalize this Letter of Intent within the next several weeks, then
immediately begin acquisitions of additional timeshare inventory. All funds generated from the sale of membership promissory
notes will be utilized as working capital by the company."
North American is in the business of marketing vacation club memberships, timeshare sales, resort development, as well as
owning an 80% interest in a travel services company, North American Resorts Travel Inc. North American also operates
Cypress Island, a tourist attraction near Orlando, Fla. Visitors travel to Cypress Island by airboat and may explore the island
and its over 20 species of animals by foot, horseback or golf cart. It is North American's intention to develop Cypress Island
as a timeshare resort destination in the future.
The corporate offices of North American are located at 1509 S. Florida Ave., Suite 3, Lakeland, Fla. 33803
CONTACT: North American Resorts Inc., Lakeland
Shareholder Relations
941/688-4666 |
