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INTERNATIONAL TESSA CAPITAL CORP. ANNOUNCES RE: APEX SKI RESORT

 VANCOUVER, British Columbia, April 29 /PRNewswire/ -- The following press release was submitted by Fraser B. Martin, director of International Tessa Capital Corp. (Vancouver: ITO.), on behalf of the board:
 The company wishes to announce that its wholly owned resort property, Apex Ski Resort, located 33 kilometers from Penticton, closed on April 18 after hosting a record number of skiers during the 1992-93 ski season. The more than 95,000 skier visits during the season contributed to year-end sales of approximately $3.75 million, which reflects a before-tax-and-depreciation profit for the resort of approximately $500,000.
 Management also wishes to announce that a $4 million 50/50 joint venture for the construction of a full-service hotel at the base of the slopes is in the final stage of negotiation. The 60-room hotel complex will include restaurant and lounge facilities as well as a full-service entertainment center and commercial facilities. Of the $4 million, Apex will contribute $1 million cash plus the land servicing and hook-ups necessary to complete the facility. The joint venture partner will contribute $2 million cash to earn a 50 percent position in the ownership of the hotel complex.
 Apex Resorts will manage the hotel and adjoining commercial complex and management are expecting the gross revenues from this facility, in the first year of operation, to be $1 million. The projected skier impact on the resort from this 60-room hotel is an additional 20,000 skier visits in the first winter. This additional on-hill accommodation not only doubles the available "pillows" at the resort but also represents a substantial increase in the overall revenue base for Apex Ski Resort. The company emphasizes that the hotel undertaking is just the first stage of a $20 million expansion project which is in the final stages of planning.
 Apex Ski Resort employs approximately 240 people during the winter months and management expect that the hotel complex will require an additional 50 employees next winter, making it one of the major employers in the South Okanagan.
 In order to attract today's more sophisticated skier base, Apex also intends to begin an extensive renovation program to its current facilities with emphasis on upgrading and expanding the resort's food and beverage service. Major renovations will turn the current day- lodge into a 275-seat saloon overlooking the slopes. This saloon will be accessible either from the village or directly from the slopes.
 Management believe the addition of the hotel and the upgrade of facilities will closer reflect the estimated $20 million replacement valuation.
 In a previous agreement with the provincial government, Apex Resorts have access to a substantial land bank which is more than adequate to incorporate the resorts multistage, single dwelling/condominium expansion.
 Final development plans are nearing completion and will be announced within the next four weeks.
 The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.
 -0- 4/29/93
 /CONTACT: Ryan Andrews, or Mark van der Horst of The W.A.T. Group of Public Companies Ltd., 604-687-3376, or 800-665-3390/
 (ITO.)


CO: International Tessa Capital Corp. ST: British Columbia IN: LEI SU:

MS -- LA033 -- 2744 04/29/93 14:26 EDT
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Date:Apr 29, 1993
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