SeaMiles Settles Litigation
16 July 2011 - 2:42AM
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 (the "Agreement") with
Carnival Cruise Lines ("Carnival") and Barclays Bank Delaware
("Barclays") to settle all outstanding litigation between the
parties regarding trademark infringement as disclosed in the
Company's most recent interim financial statements and related
management's discussion and analysis. Pursuant to the Agreement,
Carnival, Barclays and SeaMiles have also agreed upon a monetary
payment to be made by Barclays to SeaMiles and the release of any
further claims among the parties going forward. The financial terms
remain confidential as outlined in the Agreement.
SeaMiles continues to pursue opportunities in the management and
operation of credit card loyalty affinity programs. In addition, a
heightened priority has been put on the Company's extensive
expertise in cutting-edge technology. The mandate is to broaden
existing platforms to include the development and implementation of
solutions in support of venture philanthropy. This strategic
transition will facilitate the co-mingling of profit and
not-for-profit opportunities.
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 Agreement and the proposed
business activities of the Company in the future. 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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