Bluegreen Corporation Acquires Assets for New Preview Center in Tennessee; Company Continues to Expand Presence in Smoky Mountain Region.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla. -- Bluegreen Corporation (NYSE NYSE See: New York Stock Exchange : BXG), a leading provider of Colorful Places to Live and Play(R), today announced its continued expansion in Tennessee with the purchase of a 26,208-square-foot building located in the Governor's Crossing development in Sevierville, Tenn., at the foot of the Great Smoky Mountains Great Smoky Mountains, part of the Appalachian system, on the N.C.–Tenn. border; highest range E of the Mississippi and one of the oldest uplands on earth. The mountains are named for the smokelike haze that envelops them. . Bluegreen(R) plans to renovate this building and open its new Smoky Mountain Preview Center in the third quarter of 2006. "Expanding our sales and marketing capabilities is an integral part of Bluegreen's growth strategy," noted George F. Donovan, president and chief executive officer of Bluegreen. "This new preview center in the Smoky Mountains allows Bluegreen Resorts to better showcase vacation opportunities in the region which continues to be one of our most popular vacation destinations," he added. Bluegreen Resorts currently operates sales and marketing offices in Dallas, Philadelphia, Indianapolis, Detroit, Minneapolis, Chicago, and Atlanta. The company also markets and sells vacation ownership products through Bluegreen Preview Centers at 19 of its resort locations throughout the U.S. Bluegreen currently employs approximately 500 associates in the Tennessee region. MountainLoft(TM) in Gatlinburg (Bluegreen's first timeshare resort) and Laurel Crest in Pigeon Forge have a combined total of approximately 575 units. Bluegreen plans to build an additional 55 units at MountainLoft during 2006, and has available land for future development at MountainLoft, Laurel Crest and adjacent to its new Preview Center in the Governor's Crossing development. The southeastern Tennessee market attracted over 2,344,000 visitors in 2005. Local attractions include the Smoky Mountains National Park, Dollywood, NASCAR NASCAR (National Association for Stock Car Auto Racing), organization that sanctions American stock-car races, est. 1948. It held its first race in Daytona Beach, Fla. (R) Speedpark, Gatlinburg Sky Lift Space Needle, shopping, theaters, and shows. Visitors can also experience fishing, rafting, horseback riding, hiking, biking, and much more. Bluegreen Resorts and preview centers in Virginia, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and Georgia feed this market. ABOUT BLUEGREEN CORPORATION Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play(R) through two principal operating divisions. With over 150,000 owners, Bluegreen Resorts markets a flexible, real estate-based vacation ownership plan that provides access to over 40 resorts, an exchange network of over 3,700 resorts and other vacation experiences such as cruises and hotel stays. Bluegreen Communities has sold over 51,000 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and employs over 5,000 associates. In 2005, Bluegreen ranked No. 57 on Forbes' list of The 200 Best Small Companies and No. 48 on FORTUNE's list of America's 100 Fastest Growing Companies. More information about Bluegreen is available at www.bluegreencorp.com. Statements in this release may constitute forward looking statements and are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provision of the Private Securities and Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. Forward looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting the Company and its operations, markets, products and services, the risk that sales and marketing strategies will not be as successful as anticipated, that renovations will not be completed as contemplated, that additional units will not be built, and the risk factors and other issues detailed in the Company's SEC filings, including its most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on March 16, 2006, and its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. filed May 10, 2006. |
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