SeaMiles Limited

SeaMiles Limited

July 06, 2007 16:57 ET

SeaMiles Retains Placement Agent for Financing

TORONTO, ONTARIO--(Marketwire - July 6, 2007) - SeaMiles Limited (TSX VENTURE:SEE), North America's premier cruise loyalty provider, today announced that it has entered into a placement agent agreement with a United States-based firm specializing in private investments in public companies to act as the Corporation's placement agent in connection with a proposed private placement in the United States (the "Private Placement") of up to US$5 million of common shares and common share purchase warrants.

Proceeds will be primarily used in support of strategic initiatives to broaden distribution channels including co-brand products with major cruise line partners to compliment the existing Carnival SeaMiles MasterCard and the SeaMiles Visa Rewards Card. In addition, enhanced marketing activities will include an increased brand presence at cruise gateway airports and cruise terminals within the United States.

The Private Placement will be conducted on a best efforts basis and is subject to certain conditions including regulatory approval.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. In conjunction with the financing, the Corporation will become a U.S. registrant. In addition, the Corporation intends to pursue a U.S. listing.

This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.


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

Except for statements of historical fact contained herein, certain information presented constitutes "forward-looking statements" within the meaning of the Unites States Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to, those with respect to the announcement of the proposed Private Placement and the intended use of proceeds from such offering involve known and unknown risks, uncertainties and other factors which may cause actual events or results to differ materially from those reflected in such forward-looking statements. Such factors include, among other things, the need to satisfy the conditions set forth in the placement agreement, the need to satisfy the regulatory and legal requirements with respect to the proposed Private Placement, risks related to the Corporation's business, market fluctuations in prices of securities, uncertainties about the availability of additional financing and other risks and uncertainties described in the Corporation's most recent Management Discussion and Analysis. The Private Placement is on a best-efforts basis and therefore there is no certainty that the full amount of the Private Placement will be raised or that the Private Placement will close. Although the Corporation has attempted to identify important factors that could cause actual events or results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as future and actual results could differ materially from those anticipated in such statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.

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

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