SeaMiles Settles Litigation and Postpones Shareholder Meeting
15 June 2010 - 7:25AM
Marketwired
SeaMiles Limited ("SeaMiles" or the "Company") (TSX VENTURE: SEE),
North America's premier cruise loyalty provider, announced today
that it entered into a definitive agreement with Carnival Cruise
Lines ("Carnival") and Barclays Bank Delaware ("Barclays") to
settle all outstanding litigation between the parties (the
"Settlement"). As previously disclosed in the Company's press
release dated April 28, 2010, the Company was involved in ongoing
litigation with Carnival and Barclays related to the termination of
a co-branded credit card agreement. The settlement agreement
requires SeaMiles, Carnival and Barclays to file a consent
dismissal order dismissing all applicable claims and counterclaims.
As a result of the Settlement, the Company is now in the process
of determining when it will be able to file its audited annual
financial statements for the financial year ended December 31,
2009, related management's discussion and analysis and CEO and CFO
certificates (collectively, the "Financial Statements"). In
connection with the foregoing, SeaMiles also wishes to announce
that its annual general and special meeting of shareholders (the
"Meeting"), originally scheduled to be held on June 28, 2010, has
been postponed. The Company will announce a new date for the
Meeting in the near future once the timing of the filing of the
Financial Statements has been determined.
ABOUT SEAMILES
SeaMiles is North America's premier cruise loyalty provider,
committed to recognizing and rewarding the cruiser through multiple
earning opportunities and best-in-class, maximum award flexibility
based on "Any Cruise Line...Any Time". Additional information can
be found at www.seamiles.com.
This press release contains "forward looking information" within
the meaning of applicable Canadian securities legislation. Forward
looking information includes, but is not limited to, statements
with respect to the terms of the litigation settlement, the
proposed filing of financial statements, and the upcoming
shareholder meeting. Generally, forward looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive and regulatory
risks. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward
looking information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: SeaMiles Limited Peter Rooney President (416) 398-1555
Ext. 442 peter.rooney@seamiles.com SeaMiles Limited Steven Wise
Chairman & CEO (416) 631-3400 steven@seamiles.com
www.seamiles.com
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