Mammoth Mountain Ski Area hires investment advisor
18 Febbraio 2005 - 4:52AM
PR Newswire (US)
Mammoth Mountain Ski Area hires investment advisor Listed: NYSE TSX
Symbols: IDR (NYSE) ITW (TSX) VANCOUVER, Feb. 17
/PRNewswire-FirstCall/ -- Intrawest Corporation, one of the world's
leading destination resort and adventure-travel companies,
confirmed today that at the request of Mr. Dave McCoy, founder and
controlling shareholder of Mammoth Mountain Ski Area, Mammoth
Mountain Ski Area has engaged Houlihan Lokey Howard & Zukin as
their exclusive financial advisor to explore strategic alternatives
to enhance the value of the company's shares, including the
possible sale of shares. Intrawest will work cooperatively with the
Mammoth management team to assist with the process. Since 1995,
Mammoth Mountain has been a key asset in Intrawest's network of
resorts, and in that time it has grown from 900,000 annual skier
visits to over 1.4 million skier visits last year. Intrawest
remains committed to the vision of Mammoth. "We are proud of the
success we have had and will continue to work with Dave McCoy,
Rusty Gregory and their team toward our vision of transforming
Mammoth to a world-class destination," said Joe Houssian, chairman,
president and chief executive officer of Intrawest. As part of the
initial Shareholder's Agreement, Intrawest has a right of first
refusal to acquire shares offered to third parties. Similarly,
Intrawest has the right to sell its shares. Such decisions will be
made at the appropriate time at Intrawest's discretion. However, a
transaction may not ultimately materialize or be consummated. In
December 1995 Intrawest acquired a 33 per cent interest in Mammoth,
increasing its interest to 51 per cent in November 1997, 58 per
cent in January 1998 and 59.5 per cent in April 1999. Intrawest's
ownership in the real estate portfolio at Mammoth remains unchanged
and is not the subject of the current initiative. Intrawest
Corporation (IDR:NYSE; ITW:TSX) is one of the world's leading
destination resort and adventure-travel companies. Intrawest has
interests in 10 mountain resorts in North America's most popular
mountain destinations, including Whistler Blackcomb, a host venue
for the 2010 Winter Olympic and Paralympic Games. The company owns
Canadian Mountain Holidays, the largest heli-skiing operation in
the world, and a 67% interest in Abercrombie & Kent, the world
leader in luxury adventure travel. The Intrawest network also
includes Sandestin Golf and Beach Resort in Florida and Club
Intrawest - a private resort club with nine locations throughout
North America. Intrawest is developing five additional resort
villages at locations in North America and Europe. 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, at (604) 669-9777 or Mr. Tim McNulty, director,
investor relations at (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, at (604) 669-9777 or Mr. Tim McNulty, director, investor
relations at (604) 623-6620 or at ; 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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