SeaMiles Limited

SeaMiles Limited

June 14, 2010 17:25 ET

SeaMiles Settles Litigation and Postpones Shareholder Meeting

TORONTO, ONTARIO--(Marketwire - June 14, 2010) - SeaMiles Limited ("SeaMiles" or the "Company") (TSX VENTURE:SEE), North America's premier cruise loyalty provider, announced today that it entered into a definitive agreement with Carnival Cruise Lines ("Carnival") and Barclays Bank Delaware ("Barclays") to settle all outstanding litigation between the parties (the "Settlement"). As previously disclosed in the Company's press release dated April 28, 2010, the Company was involved in ongoing litigation with Carnival and Barclays related to the termination of a co-branded credit card agreement. The settlement agreement requires SeaMiles, Carnival and Barclays to file a consent dismissal order dismissing all applicable claims and counterclaims.

As a result of the Settlement, the Company is now in the process of determining when it will be able to file its audited annual financial statements for the financial year ended December 31, 2009, related management's discussion and analysis and CEO and CFO certificates (collectively, the "Financial Statements"). In connection with the foregoing, SeaMiles also wishes to announce that its annual general and special meeting of shareholders (the "Meeting"), originally scheduled to be held on June 28, 2010, has been postponed. The Company will announce a new date for the Meeting in the near future once the timing of the filing of the Financial Statements has been determined.


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

This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the terms of the litigation settlement, the proposed filing of financial statements, and the upcoming shareholder meeting. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive and regulatory risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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