SeaMiles Limited

SeaMiles Limited

December 27, 2007 16:44 ET

SeaMiles Retires Real Estate Debt

TORONTO, ONTARIO--(Marketwire - Dec. 27, 2007) - SeaMiles Limited (TSX VENTURE:SEE), North America's premier cruise loyalty provider, announced today that it has repaid all of its fixed rate real estate mortgages aggregating $2,012,500 in principal and also has paid $240,000 to settle a real estate legal proceeding regarding a Claim for Lien.

These payments were funded from the profits generated by the Company's rewards program which continues to grow and provide additional cash flow for the Company. With the retirement of these obligations the Company has strengthened its balance sheet as well as reduced ongoing interest expense.

These savings and ongoing plans for the divestment of real estate assets allow the Company to further invest in its cruise loyalty business including strategic brand awareness activities for the Carnival/SeaMiles program and the enhanced promotion of the SeaMiles Visa Rewards card. Both programs are based on "Any Cruise Line...Any Time" which is the most distinctive loyalty program strategy in the cruise travel marketplace through the use of a common currency for both the earning and redemption of cruise rewards.

"Given that 51 million North Americans have indicated their intent to cruise over the next three years, the SeaMiles Rewards Program is poised to maximise all opportunities to attract both the new and the repeat cruiser" commented Peter Rooney, President of 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

The TSX Venture Exchange has neither approved nor disapproved of this press release.

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