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Box 450 Bethel ME 04217
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Phone: 000-000-0000 Fax: 000-000-0000
e-mail: xxxxxxxxxx@xxxxxxxxxx.xxx
News and information
Contact:
Xxxx Xxxxxxx, Investor Relations, 000-000-0000
Media Relations, 000-000-0000
Date: 6 March 2002
Release: IMMEDIATE
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American Skiing Company Addresses New York Stock Exchange Delisting Action
NEWRY, MAINE--March 6, 2002 -- American Skiing Company (NYSE: SKI) announced
today that it has received notification from the New York Stock Exchange
("NYSE") that the Company's shares of common stock will be suspended and that
the issue will be removed from the NYSE's trading list. The Company reported
that the NYSE's delisting action is not expected to affect its current
operations, sales and marketing or financial position.
"While we are disappointed with the Exchange's decision, we remain focused on
improving our operations, strengthening our financial position and creating
value for all of our investors," said CEO X.X. Fair. "This is the driving force
behind the restructuring plan that we implemented last May and on which we
continue to make substantial progress. The Company is working with sponsors to
ensure that our shares will trade on the NASD "Over-the-Counter Bulletin Board"
and we will continue to communicate to our investors as a public company."
The Company expects that the shares will commence trading on the
"Over-the-Counter Bulletin Board ("OTCBB")" after delisting from the NYSE and
will provide additional information to investors in due course. The OTCBB is a
regulated quotation service that displays real-time quotes, last sale prices and
volume information in over-the-counter ("OTC") securities. An OTC equity
security is generally an equity that is not listed on NASDAQ, the NYSE or any
other national securities exchange. The OTCBB provides access to over 3,600
securities and includes more than 330 participating market makers. Quotations
and trading information can still be accessed via websites such as Yahoo and
other quotation services or through a securities broker. Information regarding
the OTCBB can be found at xxx.xxxxx.xxx.
Trading will be suspended prior to the opening on March 14, 2002. The NYSE will
continue to trade the Company's shares of common stock until March 14, 2002 and
will then make appropriate filings with the Securities and Exchange Commission.
About American Skiing Company
Headquartered in Newry, Maine, American Skiing Company is the largest operator
of alpine ski, snowboard and golf resorts in the United States. Its resorts
include Killington and Mount Snow in Vermont; Sunday River and Sugarloaf/USA in
Maine; Attitash Bear Peak in New Hampshire; Steamboat in Colorado; The Canyons
in Utah; and Heavenly in California/Nevada. More information is available on the
Company's Web site, xxx.xxxxx.xxx.
This document contains both historical and forward-looking statements. All
statements other than statements of historical facts are, or may be deemed to
be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). These
forward-looking statements are not based on historical facts, but rather reflect
American Skiing Company's current expectations concerning future results and
events. Similarly, statements that describe the Company's objectives, plans or
goals are or may be forward looking statements. Such forward-looking statements
involve a number of risks and uncertainties. American Skiing Company has tried
wherever possible to identify such statements by using words such as
"anticipate," "assume," "believe," "expect," "intend," "plan," and words and
terms similar in substance in connection with any discussion of operating or
financial performance. In addition to factors discussed above, other factors
that could cause actual results, performances or achievements to differ
materially from those projected include, but are not limited to, the following:
failure to fully implement the restructuring plan outlined in Company press
releases and documents on file with the Securities and Exchange Commission; the
Company's substantial leverage; restrictions on the Company's ability to access
additional sources of capital; a decrease in visitation at the Company's resorts
as a result of the events of September 11th, and related events thereafter;
changes in regional and national business and economic conditions affecting both
American Skiing Company's resort operating and real estate segments; failure to
renew or refinance existing financial liabilities and obligations or attain new
outside financing; and other factors listed from time-to-time in American Skiing
Company's documents filed by the Company with the Securities Exchange
Commission. The forward looking statements included in this document are made
only as of the date of this document and under section 27A of the Securities Act
and section 21E of the Exchange Act, American Skiing Company does not have or
undertake any obligation to publicly update any forward-looking statements to
reflect subsequent events or circumstances.
xxx.xxxxx.xxx
