Ultimate Escapes to Remain Listed on NYSE Amex Pending Completion of Planned Public Offering
February 08 2010 - 6:42PM
PR Newswire (US)
ORLANDO, Fla., Feb. 8 /PRNewswire-FirstCall/ -- Ultimate Escapes,
Inc. (NYSE Amex: UEI and UEI-WT) (the "Company"), one of the
world's largest luxury destination clubs, today provided an update
on the status of its listing on the NYSE Amex LLC (the "Exchange").
As previously announced, following the closing of the Company's
acquisition of Ultimate Escapes Holdings, LLC (the "merger"), the
Company was notified by the Exchange that it failed to satisfy the
Exchange's original listing standards. As a result of the Company's
non-compliance, the Exchange advised the Company that its
securities were subject to delisting unless the Company requested a
hearing before a Listing Qualifications Panel of the Exchange's
Committee on Securities (the "Panel"). Accordingly, the Company
requested a hearing and appeared before the Panel on January 28,
2010. At the hearing, the Company conceded that it did not satisfy
all applicable original listing criteria as it was required to do
upon completion of the merger. Notwithstanding, the Company advised
the Panel that it has filed a registration statement with the U.S.
Securities and Exchange Commission on Form S-1, for a secondary
public offering that the Company expects will, if completed, enable
it to satisfy all applicable original listing criteria. On February
2, 2010, the Panel issued its decision. In sum, the Panel
determined that the Exchange Staff should continue with the
"delisting procedures without prejudice to the Company going
through the initial listings process once it has definitively met
the initial listings criteria." Following the issuance of the
Panel's decision, the Exchange Staff advised the Company that the
suspension would take effect on February 17, 2010, unless the
Company completes the planned public offering and demonstrates
compliance with the applicable listing requirements. In furtherance
of this process, on February 4, 2010, the Exchange Staff notified
the Company that the Exchange had cleared the Company to file an
Original Listing Application (which the Company filed with the
Exchange on February 5, 2010), thus facilitating the Company's
continued listing on the Exchange, provided the Company
successfully completes its planned public offering on or before
February 16, 2010, and thereby demonstrates compliance with all
applicable original listing criteria. Accordingly, the Company's
securities will remain listed on the Exchange pending the
completion of the planned public offering on or before February 16,
2010. About Ultimate EscapesĀ® Founded in 2004, Ultimate Escapes is
the largest luxury destination club as measured by number of club
destinations, and the second-largest destination club as measured
by number of members. Ultimate Escapes offers club members flexible
access to a growing collection of hundreds of multi-million dollar
private residences and luxury hotels in more than 150 global club
and affiliate destinations. Locations range from chic urban
apartments to charming beach cottages, spacious five-bedroom homes
to an 80-foot private yacht. Each trip is coordinated by
experienced, knowledgeable staff, trained to handle every vacation
detail. Additional information about Ultimate Escapes and its club
and membership offerings can be found at
http://www.ultimateescapes.com/. Forward Looking Statements This
press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended) concerning
future events and Ultimate Escapes. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although
Ultimate Escapes believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of Ultimate Escapes. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, future operating or
financial results; expectations regarding the strength of the
future growth of the luxury destination club industry; future
acquisitions, business strategy and expected capital spending;
general market conditions and industry trends; risks associated
with operations outside the United States; and other factors listed
from time to time in Ultimate Escapes' filings with the Securities
and Exchange Commission at http://www.sec.gov/. Ultimate Escapes
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Ultimate Escapes'
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Additional Information A registration statement relating to
Ultimate Escapes' proposed public offering has been filed with the
Securities and Exchange Commission but has not yet become
effective. The securities described in that registration statement
may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This communication
shall not constitute an offer to sell or a solicitation of an offer
to buy, nor shall there be a sale of these securities in any state
or other jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. No offer to buy
the securities can be accepted and no part of the purchase price
can be received until the registration statement has become
effective, and any such offer may be withdrawn or revoked, without
obligation or commitment of any kind, at any time prior to notice
of its acceptance given after the effective date. Copies of the
prospectus relating to the offering may be obtained from Ultimate
Escapes at 3501 West Vine Street, Suite 225, Kissimmee, Florida
34741, or by calling (407) 483-1900. DATASOURCE: Ultimate Escapes,
Inc. CONTACT: William Schmitt of ICR, +1-203-682-8200, for Ultimate
Escapes, Inc. Web Site: http://www.ultimateescapes.com/
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