Ultimate Escapes Postpones Secondary Public Offering
February 17 2010 - 9:00AM
Business Wire
Ultimate Escapes, Inc. (NYSE Amex: UEI and UEI-WT) (the
“Company”), one of the world's largest luxury destination clubs,
today announced that due to difficult market conditions, it has
postponed its contemplated secondary public offering of shares of
its common stock. As a result of the postponement of the offering
and the Company’s non-compliance with NYSE Amex original listing
standards, the Company’s shares will be suspended from the NYSE
Amex effective at the open of the market on February 18, 2010.
Following the suspension, the Company expects that its common
stock will be quoted on the OTC Bulletin Board (the “OTCBB”),
operated by FINRA, provided a market maker files the necessary
trading application and such application is cleared by FINRA. In
that regard, the Company has been advised by two market makers that
they intend to file the required Form 211 applications. In any
event, it is expected that the Company’s securities will be quoted
on the Pink Sheets, a centralized electronic quotation service for
over-the-counter securities operated by Pink OTC Markets Inc.,
beginning on February 18, 2010. The Company plans to continue to
file periodic, quarterly and annual reports with the SEC.
“We are disappointed that we are unable to complete the offering
at this time. Unfortunately, the difficult market conditions over
the last several weeks have led to a number of IPO’s and secondary
offerings being downsized or postponed. We expect to pursue our
secondary offering during 2010 when market conditions are more
favorable,” said Ultimate Escapes President and Chief Executive
Officer Jim Tousignant.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company and
there shall not be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. A registration
statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes
effective.
About Ultimate
Escapes®
Founded in 2004, Ultimate Escapes is the largest luxury
destination club as measured by number of club destinations, and
the second-largest destination club as measured by number of
members. Ultimate Escapes offers club members flexible access to a
growing collection of hundreds of multi‐million dollar private
residences and luxury hotels in more than 150 global club and
affiliate destinations. Locations range from chic urban apartments
to charming beach cottages, spacious five-bedroom homes to an
80-foot private yacht. Each trip is coordinated by experienced,
knowledgeable staff, trained to handle every vacation detail.
Additional information about Ultimate Escapes and its club and
membership offerings can be found at www.ultimateescapes.com.
About the OTCBB
The OTCBB is a regulated quotation service operated by FINRA
that displays real-time quotes, last-sale prices, and volume
information in OTC equity securities. It is a quotation medium for
subscribing members, not an issuer listing service. An OTC equity
security generally is any equity that is not listed or traded on a
national securities exchange. OTCBB securities include national,
regional, and foreign equity issues, warrants, units, ADRs, and
Direct Participation Programs. More information is available at
http://www.otcbb.com.
About Pink OTC Markets
Inc.
Pink OTC Markets Inc. is a financial information and technology
services company that operates an inter-dealer electronic quotation
and trading system in the Over-the-Counter, or OTC, securities
market. It is not registered with the Securities and Exchange
Commission as a stock exchange or a broker-dealer firm. Investors
should contact a broker-dealer firm to trade in a security quoted
on the Pink Sheets. More information is available at
http://www.pinksheets.com.
Forward Looking
Statements
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and Ultimate Escapes. Words such as
“expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,”
“estimates,” and variations of such words and similar expressions
are intended to identify forward-looking statements. Although
Ultimate Escapes believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of Ultimate Escapes. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, future operating or
financial results; expectations regarding the strength of the
future growth of the luxury destination club industry; future
acquisitions, business strategy and expected capital spending;
general market conditions and industry trends; risks associated
with operations outside the United States; and other factors listed
from time to time in Ultimate Escapes’ filings with the Securities
and Exchange Commission at http://www.sec.gov. Ultimate Escapes
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Ultimate Escapes’
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
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