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Press Release: Sunterra Corporation
June 26, 2006
LAS VEGAS, NV -- Sunterra Corporation (NasdaqNM:SNRR) June 23 announced that James Weissenborn, interim President
and Chief Executive Officer, will host a conference call on Wednesday, June 28, 2006, at 4:00 p.m. Eastern time,
to discuss various matters of interest to its investors.
This conference call will be broadcast live over the Internet. Participants are invited to access the event at
www.sunterra.com, visiting the Investor Relations section of the "Sunterra Corp" tab at least 15 minutes
before the scheduled start time to register and to download and install any necessary audio software. Those unable
to participate via the Internet or planning to ask questions may dial the following number five to 10 minutes prior
to the scheduled conference call time: (866) 203-3206. International callers please call (617) 213-8848. The pass
code required for this call is 62170979.
A replay of the conference call will be available for a limited time on Sunterra's website in the Calendar section,
or by dialing (888) 286-8010 or, for international callers, (617) 801-6888. The code to access the replay is 53436216.
About Sunterra
Sunterra is one of the world's largest vacation ownership companies with more than 318,000 owner families and nearly
100 branded or affiliated vacation ownership resorts throughout the continental United States and Hawaii, Canada,
Europe, the Caribbean and Mexico. Sunterra news releases, as well as additional news and information on the company,
can be found at www.sunterra.com.
Forward-Looking Statements; Risks and Uncertainties
Statements made by the Company on the conference call that disclose the Company's or management's intentions, expectations
or predictions of the future, including restatement adjustments to the Company's previously issued financial statements,
are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. The Company
cautions that these statements involve risks and uncertainties and other factors that may cause results to differ
materially from those anticipated at the time such statements are made. For example, future results, performance
and achievements may be affected by our ability to successfully implement our strategic, operational and marketing
plan including the cost reduction plan of our European operations, the actual amount of the pretax restructuring
charge, the actual amount of the cash expenditures associated with the restructuring plan, general economic conditions,
including a global economic downturn, the impact of war and terrorist activity, business and financing conditions,
foreign exchange fluctuations, governmental and regulatory actions, the cyclicality of the vacation ownership industry,
relationships with key employees, domestic and international political and geopolitical conditions, competition,
downturns in leisure travel patterns, risk associated with the level and structure of our indebtedness, risk associated
with potential acquisitions and dispositions and other circumstances and uncertainties. In addition, potential
risks and uncertainties include, among other things: (1) the results of the Audit and Compliance Committee investigation
and review of the allegations; (2) expectations as to the timing of the completion of such investigation by the
Committee and its independent counsel, the Company's review, restatement and filing of its previously issued financial
statements and its assessment of the effectiveness of disclosure controls and procedures and internal control over
financial reporting, the review and filing of the Company's Form 10-Q for the fiscal quarter ended March 31, 2006,
and the issuance of interim financial results for the Company; (3) expectations as to the timing of engaging a
new independent registered public accounting firm and as to the level of cooperation from the Company's former
accounting firm; (4) the possibility that the Nasdaq Listing Qualifications Panel may not grant the Company's request
for an extension to regain compliance with Nasdaq listing qualifications or the Company's failure to regain compliance
within any extension period, in which case the Company's common stock would be delisted from the Nasdaq National
Market, which may adversely affect the trading of the stock; (5) the effects of any required restatement adjustments
to previously issued financial statements and possible material weaknesses in internal control over financial reporting;
(6) the effects of any lawsuits or governmental investigations alleging among other things, violations of federal
securities laws, by the Company or any of its directors or executive officers; (7) the possibility that any default
under the Company's financing arrangements, including our Senior Finance Facility and Senior Subordinated Convertible
Notes could cause acceleration of repayment of the entire principal amounts and accrued interest on such arrangements;
(8) the effects of new accounting pronouncements; (9) personnel changes may adversely affect the Company's business;
and (10) additional risks and uncertainties and important factors described in the Company's other press releases
and in the Company's filings with the Securities and Exchange Commission, including our most recent annual report
on Form 10-K and quarterly report on Form 10-Q. Although we believe the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained
or that results will not materially differ. We undertake no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise, except as may be required by law.
---------------------------
Contact:
CONTACT:
Marilyn Windsor
(702) 304-7149
Source: Sunterra Corporation