Chariot International Holdings Signs Memorandum of Agreement for Completion of the "Sea Chariot".NEW YORK--(BUSINESS WIRE)--May 20, 1999-- Maiden Voyage Noun 1. maiden voyage - the first voyage of its kind; "in 1912 the ocean liner Titanic sank on its maiden voyage" ocean trip, voyage - an act of traveling by water Planned for Year End 2000 Chariot International Holdings, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CHRT CHRT Canadian Human Rights Tribunal CHRT Chert (lithological term) CHRT Consolidated Human Resource Technology ) announced today that a memorandum of agreement A memorandum of agreement (MOA) or cooperative agreement is a document written between parties to cooperatively work together on an agreed upon project or meet an agreed upon objective. The purpose of an MOA is to have a written understanding of the agreement between parties. ("MOA moa (mō`ə) [Maori], common name for an extinct flightless bird of New Zealand related to the kiwi, the emu, the cassowary, and the ostrich. The various species ranged in size from that of a turkey to the 10-ft (3-m) Dinornis giganteus. ") for completion of the "Sea Chariot," has been signed with the renowned Italian Shipyard, Societa Esericizio Cantieri S.p.A ("S.E.C."). The Sea Chariot, Chariot's primary asset, is a 250 cabin, 500 passenger, luxury cruise ship, under final construction, currently assessed at $120 million US, and valued upon completion at $200 million US. The Sea Chariot is planned to debut by year end 2000 as a "floating hotel," with the Ship's cabins being sold as timeshare A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. units for one week per year per unit. Chariot plans that upon completion of the Ship, it would travel seasonally to the Caribbean and Alaska, although different itineraries would be considered based on the recommendation of owners of the timeshare units. The sale of timeshare units would generate one-time sales revenues as well as continuing revenue from maintenance charges plus income will be realized from profit generating sources such as the Ship restaurants, casino operations and shopping concessions. Projections of the time share operation of the Ship assume that 12,000 timeshare units will be sold over a three (3) year period at a gross sale price per unit of approximately $35,000, which prior to commissions would result in gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. of $420 million for all 12,000 units. In addition to the sell-out proceeds, the Ship will generate ongoing income from cruise ship operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. , from annual maintenance fees, income from the Ship's restaurants, and income from the Ship's stores and casino. Average annual net cash flow after the three-year anticipated timeshare sell-out period is estimated to be approximately $14 million per year. Chariot International Holdings, Ltd. is a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based holding company with amongst other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. a 250 cabin, 500 passenger luxury cruise ship, under construction and expected to be valued at approximately $200 million upon completion. Through Chariot's wholly owned, registered broker-dealer and investment bank, the Company originates innovative financial products structured for acquisition, management and packaging of the company's current and future assets. S.E.C. is considered one of the most important shipyards in Italy, highly regarded by its industry clients, suppliers and credit institutions. S.E.C. is part of an operating group with considerable interests in the hotel and nautical tourist sector, concentrated in the Adriatic and Tirrenian zones of northern Italy Northern Italy comprises of two areas belonging to NUTS level 1:
This press release contains forward looking statements and information that is based on management's beliefs, as well as assumptions made by, and information currently available to management. When used in this document, the words "anticipate," believe," "estimate," "expect," and depending on the context, "will" and similar expressions are intended to identify forward looking statements. Such statements involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are any revisions to these forward circumstances after the date hereof or to reflect the occurrence of unanticipated events, including the following: business conditions, unexpected technological changes, product development, subsequent negotiations among the parties, competition, domestic and foreign government regulations, fluctuations in foreign exchange rates. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly changes in the information set herein. |
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