APEX RESORTS CORP. ANNOUNCES 'VACATION DIVIDEND'
VANCOUVER, British Columbia, Oct. 5 /PRNewswire/ -- Apex Resorts Corp. (Vancouver: APE) (formerly International Tessa Capital Corp.) wishes to announce that it has formulated a "vacation dividend" program for its shareholders that will allow them to benefit directly from the company's business. The program will entitle investors who have owned 5,000 or more shares for at least six months in each year to receive one week of free accommodation at Apex Resorts' hotel at Apex ski resort. Investors holding fewer than 5,000 shares for six months will receive a prorated percentage discount from the price of one week's accommodation. The company appreciates that some shareholders of Apex Resorts may either live close to the resort or perhaps own property at the resort, so that free accommodation at Apex Resorts will not be a benefit to them. Those shareholders will be able to trade their eligibility for free or discounted accommodation for a single season ski pass or a percentage on a season pass. Apex Resorts, a highly regarded regional ski resort, is conveniently situated in the fastest growing area of British Columbia, just 33 kilometers from the city of Penticton. Management of the company recently unveiled a five-year, $20 million expansion program to include additional on-hill accommodation, additional lifts, including leading edge high speed quad chairlifts and expansion onto two additional adjoining mountains which will turn this exciting resort into one of the premier regional resorts in the Pacific Northwest. The company's long-term plan is to acquire and develop other resorts, and the "vacation dividend" feature will be extended to those other resort properties, so long-term investors could, if desired, spend one week at a different location each year. Terms of the "vacation dividend" program are currently being finalized by the company, which will announce the detailed program later in the fall. It is expected that the program will commence on Jan. 1, 1994, so that the first "vacation dividend" entitlement will occur on July 1, 1994. -0- 10/5/93 /CONTACT: Fraser B. Martin, director, 800-665-3390 or 604-687-3376/ (APE.)
CO: Apex Resorts Corp. ST: British Columbia IN: LEI SU: DIV
JB-EH -- LA013 -- 8855 10/05/93 12:21 EDT
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|Date:||Oct 5, 1993|
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