NEWS - WACC
Wednesday January 27, 11:35 am Eastern Time
Company Press Release
WestAmerica Signs Agreement to Acquire American Leisure Inc.
ORLANDO, Fla.--(BUSINESS WIRE)--Jan. 27, 1999--WestAmerica Corp. (OTC:WACC - news) announced Wednesday that it has signed an option
agreement to acquire American Leisure and seven of its related companies which serve the leisure and resort industry in Orlando.
This includes the completion of the acquisition of a 119 unit motel located near the company's master planned resort development in Orlando. The option period
expires on Jan. 31, 2000.
Daniel M. Boyar, chairman and chief executive officer of WestAmerica said: ''This transaction will complete the circle with American Leisure, which financed in
August 1998, the purchase of land for WestAmerica's timeshare project in Orlando. The transaction will effectively convert American Leisure's 50% interest in the
land and project to a 19% shareholder position in WestAmerica. We are delighted to move the project forward and acquire American Leisure's subsidiaries and
motel which will be important components of sales and marketing programs.''
The American Leisure companies include: Orlando Holidays Inc., a wholesale tour operator; Welcome To Orlando Inc., a ground handler and service operator;
American Leisure Homes Inc., offering vacation ownership and wholesale properties for sale; Pool Homes Inc., a licensed real estate broker and marketing
company; Pool Home Managers Inc., a property management company; Asian Vacation Direct Inc., a seller of travel; and I-Drive Limo Inc.
The motel property is situated on 13.5 acres on the east side of Highway 27 approximately two miles south of Highway 192 and one and one-half miles north of
WestAmerica's timeshare resort development which is within a 10 minute drive of Walt Disney World.
WestAmerica received approval in June 1998, for its master planned resort development to be built and sold as timeshare on the property. The first phase will
consist of 162 units (8,424 timeshare weeks) and will be built on 35 acres. Based on RCI Consulting's feasibility study, which the company received in October
1997, the expected sellout is in excess of $460,000,000 over a 10-year period, bringing 20% (pre-tax) to the bottom line.
WestAmerica's timeshare resort will include single-family homes and villas, some featuring 3 bedrooms, 3 baths, with heated pools and spas, with an 18-hole
championship golf course and complete resort amenities -- the first project of its kind developed by a public company.
From time to time, the company may issue forward looking statements that involve risks and uncertainties. This statement may contain forward looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results
could differ and any forward looking statements should be considered accordingly.
Contact:
WestAmerica Corp., Orlando
Daniel M. Boyar, 407/397-4100
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