Press Release: Bluegreen Corporation
September 16, 2002
BOCA RATON, FL -- Bluegreen Corporation (NYSE: BXG), a leading U.S. developer and marketer of drive-to timeshare
resorts, golf communities and residential land homesites, Friday announced that on September 11, 2002 it repaid,
on scheduled maturity date, all $6.0 million of Bluegreen's® 8% convertible subordinated notes.
Bluegreen issued the notes in a private placement in 1997 to finance the cash portion of its acquisition of RDI.
The notes were not prepayable prior to the maturity date. The repayment was made using cash from operations.
George F. Donovan, President & Chief Executive Officer of Bluegreen Corporation, commented, "The repayment
of these notes will save Bluegreen approximately $480,000 in annual pre-tax interest expense. It will also reduce
Bluegreen's diluted weighted average shares outstanding by approximately 1.5 million, which represents the total
number of shares that could have been issued on conversion of the notes."
Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of timeshare
resorts, golf communities and residential land. The Company's timeshare resorts are located in a variety of popular
vacation destinations including Orlando, Florida; the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina;
Charleston, South Carolina; Branson, Missouri; Wisconsin Dells, Wisconsin; Gordonsville, Virginia; Ridgedale, Missouri;
Surfside, Florida; and Aruba, while its land operations are predominantly located in the Southeastern and Southwestern
United States.
This press release contains forward-looking statements and the Company desires to take advantage of the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995 in connection with these statements.
Statements made by George Donovan and any other statements contained herein that are not statements of historical
fact may be deemed forward-looking statements. The words "believe," "expect," "intend,"
"anticipate," "project," "may," "should," "designed to," "estimate,"
"hope," "plan" and similar expressions identify forward-looking statements, which speak only
as of the date the statement was made. The Company does not undertake and specifically disclaims any obligation
to publicly update or revise any forward-looking statements, whether as a result of new information, future events,
or otherwise. Forward-looking statements are based on current expectations and assumptions and are inherently subject
to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the Company's
control. Future events, industry trends and actual results could differ materially from those set forth in, contemplated
by, or underlying such forward-looking statements. The risks and uncertainties to which forward-looking statements
are subject include, but are not limited to, actual results for future periods may differ from those estimated,
consumer demand and acceptance of the Company's products may be less than anticipated, regulatory changes, changes
in national or regional economic conditions, including interest rates, that can affect the real estate market,
risks associated with a large investment in real estate, shortages of available inventory, the risk that the Company
will not be able to continue to increase its customer base and/or achieve efficiencies, have sufficient outstanding
sources of financing to satisfy its needs or be able to consummate future sales of receivables, the Company's strategic
business plan and initiatives will not be successfully implemented, the economic and other impact of September
11th and other national and world events may have an adverse impact on the Company, past seasonality trends will
continue and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission,
including its most recent annual report on Form 10-K and its most recent quarterly report on Form 10-Q filed on
August 14, 2002. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such
forward-looking statements and no assurances can be given that such statements will be achieved.
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Contact:
Bluegreen Corporation
John Chiste
Chief Financial Officer
561/912-8010
john.chiste@bxgcorp.com
or
INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
www.theequitygroup.com
Devin Sullivan
212/836-9608
Source: Bluegreen Corporation