Corporate Properties Limited

March 30, 2006 09:39 ET

Corporate Properties Limited Acquires Sea Miles, LLC

TORONTO, ONTARIO--(CCNMatthews - March 30, 2006) - The Board of Directors of Corporate Properties Limited (TSX VENTURE:CPR) (the "Company") is pleased to announce that its wholly owned subsidiary, Sheproon, Inc., has acquired the membership interests in Sea Miles, LLC of Fort Lauderdale, Florida ("Sea Miles"). Mr. Thomas Sheppard, President of the Company, said that "this acquisition provides a huge boost to the Company's cruise loyalty business and will enable the Company to set a cruise industry standard for loyalty programs."

The Board of Directors of the Company previously announced on October 27, 2005 that it had approved a binding Letter of Intent signed by the Company to acquire Sea Miles. On January 9, 2006 the TSX Venture Exchange accepted documentation filed by the Company for an Expedited Acquisition of Sea Miles pursuant to the Letter of Intent.

Sea Miles has a long term strategic alliance with Carnival Cruise Lines and Juniper Bank and currently offers a co-branded MasterCard with Carnival Cruise Lines. It is in negotiation with several other cruise lines and travel partners to roll out additional co-branded cards in 2006 with the intent of creating an industry standard and cruise currency for travel rewards. The card offers a point accumulation program and redemption proposition offering a "Best in Class" value proposition driven by "Any Cruise Line/Any Time."

The Sea Miles program began in December 2004 and is offered to US citizens on board all Carnival ships and to past Carnival customers through various offerings and mailings. The Company's SeaPoints program offered exclusively to Canadians is very similar to the Sea Miles program. The acquisition allows for a rapid rollout of the industry standard of both programs. Cruising has become a phenomenally popular form of travel for North Americans and has been a steadily growing segment of the travel business for the past 30 years. More than 12 million North Americans cruised in 2005, while many more have indicated in surveys that they intend to do so in the near future. The industry continues to add more and more capacity to meet the ever increasing demand. The Sea Miles/SeaPoints programs will help past and future potential cruise passengers earn free cruises and cruise discounts within the travel industry.

The Chairman of the Board of Directors of Sea Miles is Mr. Steven Wise. Mr. Wise is also Chairman and CEO of KRG Insurance Group, one of Canada's leading property casualty and benefits brokers. The President of Sea Miles is Mr. Stephen Miller and with the acquisition will remain as a Director. Mr. Miller is a principal and managing director of Gordon Brothers Group and co-president of Gordon Brothers Retail Partners, both based in Boston. He was also a founding partner of Ozer Business Trust of Boston. Both will stay on with the Company. The Company employs several key industry professionals who will manage the Sea Miles and Sea Points program and its future development. Mr. Peter Rooney will be the President of the new combined entity. Mr. Tom Armstrong and Mr. Michael Vietri are part of the Company's team of travel and marketing specialists that will head the Company's newly-forged cruise loyalty and redemption business.

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

Contact Information

  • Corporate Properties Limited
    Thomas Sheppard
    (416) 966-6885