SOURCE: Aventura Resorts, Inc.

August 04, 2006 09:00 ET

Aventura Resorts, Inc. Completes Letter of Intent on Florida Resort Purchase

BELLEVUE, WA -- (MARKET WIRE) -- August 4, 2006 -- To serve the largest "Snowbird" market in the USA, Aventura Resorts, Inc. (PINKSHEETS: AVTJ) today announced that it has completed letters of intent to purchase a south-central Florida RV resort.

Spanning some 40 acres that include a 7-acre private lake, the existing resort operates virtually sold-out in the Snowbird season that runs from October through March each year.

Aventura Resorts Inc plans a comprehensive upgrade to the facility, creating an "Old Florida" look similar to that famous throughout the Florida Keys. The improvement investment will total some $7 million.

The name for the new, enhanced resort will be "Plantation Shores by Aventura."

Planned amenities include a party boat and a houseboat moored on nearby Lake Okeechobee.

The resort will sell fee-simple interests in deluxe RV Pads, and a condominium interest in the common areas and amenities. The resort will be a gated community with 24/7 security.

Aventura Resorts, Inc. CEO Gerald Gawne announced the Letters of Intent signatures today, saying: "This major Florida resort gives Aventura entry into the largest RV snowbird market in the U.S.A."

Jerry Smith, Aventura's President, observed: "We expect a rapid acceptance of this new resort, two nearby, similar RV Country Clubs have reached near sold-out status ahead of their own schedules."

About Aventura Resorts, Inc.

Aventura Resorts meets the needs of today's growing RV market through the design, planning, development and management of its upscale ownership resorts. The company markets fee-simple, deeded lots in a controlled density resort with amenities designed for the lifestyle needs of today's motorcoach owner. Aventura's focus is on the Sunbelt states with future expansion planned for Mexico and the west coast.

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