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Press Release: Bluegreen Corporation
September 18, 2003
BOCA RATON, FL -- Bluegreen Corporation (NYSE: BXG), a leading U.S. developer and marketer of drive-to timeshare
resorts ("Bluegreen® Resorts") and planned residential and golf communities ("Bluegreen®
Communities"), yesterday announced the acquisition of Oasis Lakes Resort in Orlando, FL. Bluegreen acquired
Oasis Lakes from MyTravel Group plc, a United Kingdom-based travel service company, for a combination of cash and
debt totaling approximately $20.5 million.
The acquisition included the unsold timeshare inventory in two six-story buildings that house a total of 72 vacation
residences, additional land that can accommodate the construction of approximately 576 new vacation residences
and a 20,000 square-foot sales center located on International Drive. Bluegreen expects to begin first phase vacation
residence construction at Oasis Lakes in its 2004 first quarter. Also included in the acquisition was an adjoining
parcel of land that is zoned for a 450-room hotel and retail construction.
Sales through the Bluegreen Vacation Club® are expected to commence during the fourth quarter of 2003. Bluegreen
has also assumed management responsibilities for the entire property.
George F. Donovan, President and CEO of Bluegreen, commented, "The acquisition of Oasis Lakes is the largest
in Bluegreen's history, in terms of, among other things, size, amenities and potential build out. This property
will join our existing resorts in the area - Orlando's Sunshine I and II - and expands our portfolio of amenity-rich
properties in Florida. We are attempting to stay ahead of increasing consumer demand for vacation residences in
Florida and are very excited to offer this upscale property to our owners."
This 54-acre resort, situated on beautiful Lake Eve, is just minutes from a variety of Central Florida's fun-filled,
family attractions, including Disney World®, SeaWorld® and Universal Studios®. Amenities include a
clubhouse with a heated indoor/outdoor swimming pool, pool bar, massage room, steam and sauna, family activity
room, and tennis and basketball courts. All units at this RCI-rated Gold Crown Resort include, among other things,
fully equipped kitchens, washer and dryers, stereo systems, televisions, VCR, lake views and private patios.
About Bluegreen Corporation
Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of vacation
ownership resorts and residential home sites. Bluegreen Resorts are located in a variety of popular vacation destinations
including Orlando, Florida; St. Augustine, FL; the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina;
Charleston, South Carolina; Branson, Missouri; Wisconsin Dells, Wisconsin; Gordonsville, Virginia; Ridgedale, Missouri;
Surfside, Florida; Boyne Mountain, Michigan; and Aruba, while its Bluegreen Communities 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 contained herein 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
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 to include, but are not limited to,
the following: that construction, sales and marketing strategies related to Oasis Lakes will take longer or may
not be as successful as anticipated and the other risks detailed from time-to-time in the Company's filings with
the Securities and Exchange Commission, including its most recent Transition Report on Form 10-KT filed on March
31, 2003, and its Quarterly Report on Form 10-Q filed on August 14, 2003.
(C) 2003 Bluegreen Corporation. All rights reserved. Bluegreen, Bluegreen Resorts, Bluegreen Communities and the
Bluegreen Vacation Club are registered trademarks of Bluegreen Corporation. All other trademarks are properties
of their respective owners.
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Contact:
Investor Contacts:
Bluegreen Corporation
John Chiste
Chief Financial Officer
(561) 912-8010
john.chiste@bxgcorp.com
or
The Equity Group Inc.
Devin Sullivan (212) 836-9608
Adam Prior (212) 836-9606
or
Media Contact:
Bluegreen Corporation
Lisa Thornhill
Director, Corporate Communications
(561) 912-8251
lisa.thornhill@bxgcorp.com
Source: Bluegreen Corporation