SeaMiles Limited

SeaMiles Limited

May 19, 2010 13:17 ET

Seamiles Suspended From Trading

TORONTO, ONTARIO--(Marketwire - May 19, 2010) - SeaMiles Limited ("SeaMiles" or the "Company") (TSX VENTURE:SEE), North America's premier cruise loyalty provider, announced on April 28, 2010 that it would not 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") by the filing deadline of April 30, 2010 as prescribed by National Instrument 51-102 – Continuous Disclosure Obligations.

As a result of the Company not filing the Financial Statements by the filing deadline, the Ontario Securities Commission (the "OSC") issued a cease trade order on May 14, 2010 prohibiting further trading in SeaMiles' shares (the "Cease Trade Order"). The TSX Venture Exchange ("the TSXV") has suspended trading of the Company's shares as a result of the Cease Trade Order and reinstatement to trading can occur only when the Cease Trade Order is revoked and the TSXV has concluded its reinstatement review to ensure the Company has satisfactorily complied with all applicable TSXV requirements.

The reinstatement requirements for the Company vary depending upon how long the Company remains suspended and whether the Company meets the Tier Maintenance Requirements ("TMR") of the TSXV. If the Company does not complete its reinstatement and does not meet the TMR within 90 days from the suspension date, the TSXV will transfer the shares of SeaMiles to NEX without further notice.

SeaMiles remains unable to state at this time when it expects to file the Financial Statements. Once the Company's regulatory filings are up-to-date, the Company intends to seek reinstatement of the listing of its shares, although the timing for this process is unknown at this time.


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 proposed litigation settlement, the proposed filing of financial statements, and potential regulatory actions. 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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