News.
ORLANDO, Fla., Jan. 14 /PRNewswire/ -- North American Resorts, Inc.
(BB: NIAR) announced yesterday it is restructuring its operations so that it can focus solely on the sale of its Vacation Club Memberships. NIAR closed its full service travel division and discontinued its attempt to open travel agencies with major retailers. NIAR also announced that it canceled its planned 50% joint venture in a vacation hotel in Minocqua, Wisconsin; NIAR had provided 7,000,000 shares of stock which will be returned.
Max Cawal, NIAR's CEO, stated that, "NIAR intends on narrowing its scope of operations and concentrating on what has proven to be profitable for major corporations, the sale of Vacation Club Memberships." Cawal further stated that, "NIAR test marketed its Membership Packages and were able to maintain above industry average closing percentages."
NIAR's anticipates finalizing its receivable financing and initiating its Membership marketing by February 1, 1997. NIAR projections for 1997 are $12,000,000 in Membership sales, and $2,400,000 pre-tax profit. |
