Intrawest acquires Alpine Helicopters Ltd.
December 17 2004 - 2:19PM
PR Newswire (US)
Intrawest acquires Alpine Helicopters Ltd. Listed: NYSE TSX
Symbols: IDR (NYSE) ITW (TSX) VANCOUVER, Dec. 15
/PRNewswire-FirstCall/ -- Intrawest Corporation today announced it
has acquired the remaining 55% interest that it did not already own
of Alpine Helicopters Ltd. (Alpine), the parent company of Canadian
Mountain Holidays Inc. (CMH), the world leader in heli-skiing
operations. Alpine offers heli-skiing and heli-hiking vacations in
southeastern British Columbia through CMH, and operates helicopter
charter services to the tourism and forestry industries. Intrawest
originally purchased 45% of Alpine in February 1999. The original
purchase agreement included an option mechanism whereby, after five
years, Intrawest could acquire the remaining interest in Alpine or
the Alpine shareholders could put their shares to Intrawest. "We
have been extremely happy with our original investment in Alpine
and CMH," said Joe Houssian, Intrawest chairman, president and
chief executive officer. "CMH is one of the premier mountain
experiences in the world with a proven track record of
performance." Since 1965, CMH has offered heli-skiing vacations in
southeastern British Columbia and added heli-hiking in 1978. With
twelve locations including the world-famous Bugaboos, and an
exceptional service culture and safety record, CMH has earned an
unparalleled reputation in the heli-skiing industry and around the
globe, reflected by the approximately 70% repeat bookings by
satisfied guests. CMH now provides more than 50% of the heli-skiing
visits in Canada and is the largest heli-ski operation in the
world. Over the past five years, Alpine has increased its revenue
by over 35% and is expected to generate annual revenue of
approximately $75 million. Alpine and CMH operations will report
through the newly created Leisure and Travel Group and will benefit
from Intrawest's broader marketing platform. The current Alpine and
CMH management teams will remain in place and continue to provide
guests with the unique mountain experience that the company has
delivered for so many years. "This is a good transaction for both
companies," said Hugh Smythe, president and chief operating officer
of Intrawest's Leisure and Travel Group. "We expect it to be
immediately accretive to Intrawest's fiscal 2005 financial
results." A conference call is scheduled for Thursday, December 16,
2004 at 10:30am ET (7:30am PT) to discuss this transaction. To
access the call dial 877-691-0878 before the scheduled start time.
A playback version of the conference call will be available until
December 23, 2004 at 877-519-4471 with password 5500891. The call
will also be webcast live on http://www.intrawest.com/. Intrawest
Corporation (IDR:NYSE; ITW:TSX) is one of the world's leading
destination resort and adventure travel companies. Intrawest has
interests in 10 mountain resorts in North America's most popular
mountain destinations, including Whistler Blackcomb, a host venue
for the 2010 Winter Olympic and Paralympic Games. The company owns
Canadian Mountain Holidays, the largest heli-skiing operation in
the world, and a 67% interest in Abercrombie & Kent, the world
leader in luxury adventure travel. The Intrawest network also
includes Sandestin Golf and Beach Resort in Florida and Club
Intrawest - a private resort club with nine locations throughout
North America. Intrawest is developing five additional resort
village developments at locations in North America and Europe.
Intrawest is headquartered in Vancouver, British Columbia. For more
information, visit http://www.intrawest.com/. Statements contained
in this release that are not historical facts are forward-looking
statements that involve risks and uncertainties. Intrawest's actual
results could differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to,
Intrawest's ability to implement its business strategies,
seasonality, weather conditions, competition, general economic
conditions, currency fluctuations and other risks detailed in the
company's filings with the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission. For
additional information, please contact Mr. John Currie, chief
financial officer, at (604) 669-9777 or Mr. Tim McNulty, director,
investor relations at (604) 623-6620 or at . If you would like to
receive future news releases by email, please contact DATASOURCE:
Intrawest Corporation CONTACT: Mr. John Currie, chief financial
officer, at (604) 669-9777 or Mr. Tim McNulty, director, investor
relations at (604) 623-6620 or at .; To request a free copy of this
organization's annual report, please go to http://www.newswire.ca/
and click on reports@cnw.
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