Trading Update
20 Agosto 2008 - 12:00PM
UK Regulatory
RNS Number : 7505B
American Leisure Group Limited
20 August 2008
20 August 2008
American Leisure Group Limited
("ALG" or "the Company")
Trading Update and Directorate Change
Further to the announcement on 30 June 2008 that Stanford had committed to provide new credit facilities of $17.5 million, ALG today
announces that Kennedy Funding Inc. has committed to provide up to $40 million of new additional credit facilities to the Company which will
be used to finance working capital and to facilitate completion of ALG's first resort unit sales and completion of the first phase of
amenities, subject to receipt of satisfactory property valuations and customary general conditions and requirements. The Company is
currently in discussion with a number of parties to secure further construction loan facilities to enable the build out of the next phase of
resort units.
The Company is now nearing completion of the work with its auditors, Grant Thornton, LLP, to finalise its financial statements and
annual report for the period ended 31 December 2007. The Company will provide further announcement as soon as practicable.
The Board of the Company also announces the resignation today as a director of ALG of Fred Pauzar, Director of Corporate Development.
David Mace commented today: "I would like to thank Fred Pauzar for all his hard work in helping bring the ALG concept into existence.
The market conditions in which we find ourselves are extremely challenging and we continue to reassess ALG's rollout strategy, management
and its cost base in the face of the severe liquidity constraints in the marketplace in which we are now operating. However, the Board
remains confident in the attractiveness of ALG's proposition."
- Ends -
For further information:
American Leisure Group Limited
David Mace, Chairman
Malcolm Wright, Chief Executive Officer Tel: +1 407 251 2240
www.americanleisuregroupltd.com
Collins Stewart Europe Limited
Hugh Field / Helen Goldsmith Tel: +44 (0) 20 523 8350
www.collins-stewart.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Gareth Mead Tel: +44 (0) 20 7398 7710
gareth.mead@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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