AMLH American Leisure Holdings Inc (PK)

American Leisure Holdings, Inc. (OTCBB:AMLH), announced today that its subsidiary, American Leisure Reedy Creek, Inc. ("ALRC"), has closed on the acquisition of the controlling interest in Reedy Creek Acquisition Company, LLC, the owner of a 40-acre parcel of prime development land located near Disney's Animal Kingdom Theme Park in Kissimmee, Florida. ALRC originally acquired a 1% interest in Reedy Creek Acquisition Company, LLC when it formed this company with Stanford Financial Group Company ("Stanford") in July 2006. ALRC exercised its option to purchase the 99% interests of Stanford on December 27, 2005. The option was closed as of January 4, 2006. In connection with the exercise of the option, Stanford and certain of its affiliates received an option payment of $600,000, warrants to acquire 462,000 shares of the common stock of AMLH and a placement fee of $250,000. At the time of the exercise of the option, AMLH arranged for Reedy Creek Acquisition Company, LLC to receive a $7,000,000 first mortgage loan from Bankers Credit Corporation ("BCC"). BCC funded $3,000,000 of this amount at the closing and has agreed to fund the balance of $4,000,000 on or before March 31, 2006, subject to its receipt of third party funding. This loan has a term of 1 year and bears interest at the prime rate plus 7.75%. ALRC used the initial $3,000,000 in proceeds to pay a portion of the purchase money loan owed to the original sellers of the property (who released their existing first mortgage in exchange for this payment). The $4,000,000 balance of the BCC loan will be used to fund pre-development costs and the balance of the purchase money loan in the amount of $1,400,000. At the time of the exercise of the option, AMLH also arranged for Reedy Creek Acquisition Company, LLC to receive an advance of $850,000 from Stanford International Bank Limited ("SIBL"). SIBL is an affiliate of Stanford. This amount was added to an existing loan of $7,150,000 from SIBL to Reedy Creek Acquisition Company, LLC. The combined loan of $8,000,000 is secured by a second mortgage on the property as well as a guarantee of AMLH and its president, Malcolm J. Wright. The Reedy Creek Property is situated in the northern section of Osceola County, Florida and lies on three contiguous development parcels located immediately north of U.S. Highway 192 West, about one mile from the "Maingate" entrance to Walt Disney World, Orlando and three-quarters of a mile from the entrance to "Disney's Animal Kingdom" theme park. The property is one of only a small number of privately owned parcels adjacent to Walt Disney World (north and east boundaries). The Reedy Creek Property consists of three parcels totaling over 40 gross acres with approximately 29 acres of buildable land. The Osceola County Comprehensive Land Plan for the site allows vacation homes at a density of 18 units per acre, which results in a maximum allowable project density of 522 residential units. To achieve the maximum density, it is anticipated that the project will consist of mid-rise condominium buildings. Amenities proposed on-site include a water park with swimming pools, guest services, clubhouse, and other related on-site resort amenities similar in quality to the Company's Sonesta Orlando Resort amenities package. Malcolm Wright, AMLH's President and CEO, said, "In closing this acquisition we have been able to secure one of the best pieces of property available for development close to the entrance of Disney. We intend to construct another first-class resort on this property. The development of this property is part of our business plan for additional vacation resort properties in the exciting Orlando resort market. We intend to continue to monitor this market to identify and create similar projects in the future. The Company will continue to concentrate on growing its vacation resort development projects for management and distribution through its travel companies, Hickory Travel Systems, Inc. of Saddle Brook, NJ, an international travel consortium and travel services provider, and, TraveLeaders of Coral Gables, Florida, a travel agency business." About American Leisure Holdings, Inc. American Leisure Holdings, Inc. (OTCBB:AMLH) is an integrated travel services distribution and travel destination development company. The Travel Division is comprised of American Travel & Marketing Group, Inc., TraveLeaders, and Hickory Travel Systems, Inc., a travel distribution network whose members produce multi-billion dollar gross annual sales. The Company is actively seeking to capitalize on the synergies between its travel management and its travel destination development divisions. American Travel & Marketing Group focuses on establishing travel and vacation opportunities within affinity and rewards club development for national organizations, retailers and publishers. Forward Looking Statement This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding AMLH in this release that are not historical in nature, particularly those that utilize terminology such as "may," "will," "should," "likely," "expects," "anticipates," "estimates," "believes" or "plans," or comparable terminology, are forward-looking statements based on current expectations about future events, which AMLH has derived from the information currently available to it. These forward-looking statements involve known and unknown risks and uncertainties that may cause AMLH's results to be materially different from results implied in such forward-looking statements. Important factors known to AMLH that could cause forward-looking statements to turn out to be incorrect are identified and discussed from time to time in AMLH's filings with the Securities and Exchange Commission. The forward-looking statements contained in this release speak only as of the date hereof, and AMLH undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.