Cost-U-Less Reports Land Lease Agreement
April 25 2006 - 4:30PM
Business Wire
Cost-U-Less, Inc. (the "Company") (Nasdaq:CULS) announced today
that Cayman Cost-U-Less, a Cayman Islands company majority owned
and controlled by a wholly-owned Cayman Islands subsidiary of
Cost-U-Less, Inc., entered into a long-term lease with the
developer of Governor's Square in Grand Cayman, Governor's Square
Limited, to lease land on which to construct and operate a store
under the Cost-U-Less name. "This lease is the next step towards
the development of a Cost-U-Less unit in Grand Cayman," said J.
Jeffrey Meder, the Company's President and CEO. "We are thrilled to
conclude this negotiation. We are now digging the footings for our
foundation and developing construction drawings for the permitting
process. We still have a number of steps to take before we could
open a store operating under the Cost-U-Less name in the Cayman
Islands, but we expect to open the store during the first half of
2007." On May 3, 2006 the Company expects to announce its April
sales results, and on May 4, 2006 the Company expects to announce
its financial results for the fiscal first quarter ended April 2,
2006. Cost-U-Less currently operates eleven stores in the Caribbean
and Pacific region: U.S. Virgin Islands (2), Netherlands Antilles
(2), Hawaiian Islands (2), California (1), Guam (2), American Samoa
(1), and Republic of Fiji (1). The Company builds its business
through delivering high-quality U.S. and local goods, progressive
merchandising practices, sophisticated distribution capabilities,
and superior customer service, primarily to island markets.
Additional information about Cost-U-Less is available at
www.costuless.com This press release contains statements that are
forward-looking. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such statements, including comparable store sales
expectations, trends in or expectations regarding the Company's
revenue growth, and the Company's growth plans are all based on
currently available operating, financial, and competitive
information and are subject to various risks and uncertainties that
could cause actual results to differ materially from historical
results or those anticipated, including that the Company may
encounter substantial delays, increased expenses or loss of
potential store sites due to the complexities, cultural
differences, and local political issues associated with the
regulatory and permitting processes in the island markets in which
the Company may locate its stores. Prolonged adverse occurrences
affecting tourism or air travel, particularly to non-U.S.
destinations, including political instability, armed hostilities,
terrorism, natural disasters or other activity that involves or
affects air travel or the tourism industry generally, could cause
actual results to differ materially from historical results or
those anticipated. Other risks and uncertainties include the
Company's small store base; the mix of geographic and product
revenues; relationships with third parties; litigation; the
Company's ability to maintain existing credit facilities and obtain
additional credit; business and economic conditions and growth in
various geographic regions; pricing pressures; political and
regulatory instability in various geographic regions; and other
risks and uncertainties detailed in the Company's filings with the
SEC.
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