SeaMiles Complete Sale of Remaining Real Estate Assets for $3.7 Million
June 16 2008 - 5:46PM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: SEE), North America's premier
cruise loyalty provider, today announced that it has completed the
sale of its remaining non-core real estate assets for $3.7 million.
The Company had previously entered into a definitive agreement to
sell the assets in March. The transaction eliminates the Company's
remaining real estate and convertible debt aggregating $3.6 million
and will result in savings to the Company in excess of $400,000 per
year. SeaMiles expects to begin to recognize a portion of the
savings in the second quarter results for the period ended June 30,
2008.
"The sale of non-core real estate assets will not only allow the
Company to focus exclusively on the many cruise related loyalty
opportunities, but further enhance our marketing activities by
utilizing the above costs savings. The Company has enjoyed great
success with its co-branded partnership with Carnival Cruise Lines
and MasterCard. Additional plans include the expansion of marketing
initiatives in support of the SeaMiles� VISA� Rewards Card," said
Peter Rooney, President of SeaMiles.
The properties sold were the Greene Slate Inn, the Ports
development project and three residential houses. As a result of
the sale, the Company redeemed $1.5 million in convertible
debentures previously issued by the Company. In addition, the
purchaser assumed approximately $0.6 million in existing mortgages
and the purchaser made a cash payment to the Company of
approximately $1.6 million, which will primarily be used to retire
the remaining $1.5 million of convertible debentures outstanding
following the sale.
ABOUT SEAMILES
SeaMiles is North America's premier cruise loyalty provider,
committed to recognizing and rewarding the cruiser through multiple
earning opportunities and best-in-class, maximum award flexibility
based on "Any Cruise Line...Any Time". Additional information can
be found at www.seamiles.com.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: SeaMiles Limited Peter Rooney President (416) 398-1555
Ext. 442 Email: peter.rooney@seamiles.com SeaMiles Limited Steven
Wise Chairman & CEO (416) 631-3400 Email: steven@seamiles.com
Website: www.seamiles.com
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