SeaMiles Limited

SeaMiles Limited

July 15, 2011 12:42 ET

SeaMiles Settles Litigation

TORONTO, ONTARIO--(Marketwire - July 15, 2011) - 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 (the "Agreement") with Carnival Cruise Lines ("Carnival") and Barclays Bank Delaware ("Barclays") to settle all outstanding litigation between the parties regarding trademark infringement as disclosed in the Company's most recent interim financial statements and related management's discussion and analysis. Pursuant to the Agreement, Carnival, Barclays and SeaMiles have also agreed upon a monetary payment to be made by Barclays to SeaMiles and the release of any further claims among the parties going forward. The financial terms remain confidential as outlined in the Agreement.

SeaMiles continues to pursue opportunities in the management and operation of credit card loyalty affinity programs. In addition, a heightened priority has been put on the Company's extensive expertise in cutting-edge technology. The mandate is to broaden existing platforms to include the development and implementation of solutions in support of venture philanthropy. This strategic transition will facilitate the co-mingling of profit and not-for-profit opportunities.


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 Agreement and the proposed business activities of the Company in the future. 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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