SeaMiles to Eliminate $624,000 of Debt
June 25 2008 - 4:30PM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: SEE), North America's premier
cruise loyalty provider, today announced that it has reached
agreements with certain debtors to eliminate approximately $624,000
of pre-acquisition debt of SeaMiles, LLC. Under the agreements,
approximately $380,000 of debt will be exchanged for 190,000 shares
of the Company at a price of $2.00 per share, with the remaining
debt of approximately $244,000 being forgiven.
"The shares for debt transactions will eliminate significant
debt from the Company's books which will strengthen the Company's
balance sheet." said Peter Rooney, President of SeaMiles.
The closing of these transactions is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory approvals, including the approval of the TSX
Venture Exchange.
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.
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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