Intrawest Corporation announces successful completion of tender offer and consent solicitation Listed: NYSE TSX Symbols: IDR (NYSE) ITW (TSX) VANCOUVER, Oct. 14 /PRNewswire-FirstCall/ -- Intrawest Corporation today announced that it has successfully completed its tender offer and consent solicitation relating to the $394.16 million principal amount of its 10.50% Senior Notes due February 1, 2010 (the "2010 Notes"). Intrawest's offer to purchase any or all of the outstanding 2010 Notes (the "Offer") expired at midnight, New York time, on Wednesday, October 13, 2004 (the "Expiration Date"). A total of $359,921,000, or 91.3%, of the aggregate outstanding principal amount of 2010 Notes was validly tendered in the Offer prior to the Expiration Date. Intrawest has today accepted for payment the 2010 Notes tendered prior to the Expiration Date and will pay on October 15, 2004 total consideration of $395,002,589 (comprised of purchase price, consent payment and accrued interest) to the holders of the 2010 Notes so tendered. Holders of 2010 Notes who tendered prior to 5:00 p.m., New York time, on September 28, 2004 (the "Consent Date") will receive a purchase price of $1,076.03 per $1,000 principal amount of 2010 Notes tendered (of which $10.00 is a consent payment), and holders of 2010 Notes who have tendered after the Consent Date, but prior to the Expiration Date, will receive a purchase price of $1,066.03 per $1,000 principal amount of 2010 Notes tendered. As previously announced, Intrawest executed on the Consent Date a first supplemental indenture to the indenture governing the 2010 Notes, the effect of which is to eliminate substantially all of the restrictive covenants contained in the indenture. Upon acceptance for payment of the tendered 2010 Notes, the terms of the first supplemental indenture have become operative. This announcement is not an offer to purchase, nor a solicitation of an offer to purchase, 2010 Notes. Intrawest Corporation is the world's leading operator and developer of village-centered resorts. Intrawest owns or controls 10 mountain resorts in North America's most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic Games. Intrawest also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. Intrawest is developing five additional resort villages at locations in North America and Europe. The company has a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world. Intrawest is headquartered in Vancouver, British Columbia. For more information, visit http://www.intrawest.com/. Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Intrawest's ability to implement its business strategies, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. For additional information, please contact: Mr. John Currie, chief financial officer, (604) 669-9777 or Mr. Tim McNulty, director, investor relations, (604) 623-6620, or at . If you would like to receive future news releases by email, please contact DATASOURCE: Intrawest Corporation CONTACT: Mr. John Currie, chief financial officer, (604) 669-9777; or Mr. Tim McNulty, director, investor relations, (604) 623-6620, or at . If you would like to receive future news releases by email, please contact ; To request a free copy of this organization's annual report, please go to http://www.newswire.ca/ and click on reports@cnw.

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