SeaMiles Limited

SeaMiles Limited

March 06, 2008 17:46 ET

SeaMiles Announces Intent to Sell Remaining Real Estate Assets

TORONTO, ONTARIO--(Marketwire - March 6, 2008) - SeaMiles Limited (the "Company") (TSX VENTURE:SEE), North America's premier cruise loyalty provider, today announced that it has signed an agreement in principle to sell its remaining real estate assets. As previously announced, the Company believes that superior business opportunities to increase shareholder value lie in its cruise based loyalty card program in the United States.

The properties to be sold, all of which are located in the Muskoka region of Ontario, consist of the Greene Slate Inn, the Ports development project and three residential houses. The aggregate purchase price will be approximately $3,716,000 and will be satisfied by the cancellation of $1,500,000 in convertible debentures previously issued by the Company, the assumption by the purchaser of $615,000 in existing mortgages and a cash payment by the purchaser to the Company of approximately $1,601,000.

The sale is expected to close on June 16, 2008. The net cash proceeds of the sale will be used immediately to cancel the remaining $1,500,000 of debentures issued by the Company that will remain outstanding following the sale. This transaction will eliminate all remaining real estate related debt, resulting in savings to the Company upwards of $400,000 per year. "This positions the Company to focus 100% of management's time on the continued growth and development of the most successful cruise loyalty program in existence today," comments Peter Rooney, President.


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 does not accept responsibility for the adequacy or accuracy of this release.

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