Press Release: American Classic Voyages Co.
December 27, 2000
CHICAGO, IL -- American Classic Voyages Co. (Nasdaq: AMCV), the largest American cruise company, said yesterday
the State of Florida has approved economic incentives of up to $2.2 million to induce AMCV to relocate its New
Orleans and Chicago corporate headquarters to Sunrise, Fla., in 2001.
Upon occupancy of the new headquarters facility, AMCV will receive the incentives as an annual tax refund of $543,750
for four years, beginning in fiscal 2002 to 2003, under Florida's Qualified Target Industry Tax (QTI) Refund Program.
The tax refunds are part of a total economic incentive package of more than $4.2 million, including state job training
funds and cash grants approved earlier by Broward County and the City of Sunrise.
``I am pleased to welcome American Classic Voyages to Florida,'' said Governor Jeb Bush. ``It's difficult to match
Florida's business-friendly attitude, low taxes and year-round beautiful weather. American Classic Voyages is a
welcomed partner in our efforts to provide quality jobs for our residents and to ensure that Florida's strong economy
continues to grow.''
Philip C. Calian, chief executive officer, AMCV, said, ``The state and local incentives were a key motivation in
AMCV's decision to relocate to Florida, and to Sunrise, and will help the company create 725 new jobs in Florida.
We're moving forward with our plans and expect to announce details of a ground-breaking ceremony for our new headquarters
around the first of the year.''
AMCV is the largest owner and operator of U.S.-flag, U.S.-crewed passenger vessels. Its cruise lines explore the
inland rivers and coastal waters of North America and sail throughout the Hawaiian Islands. For more information,
visit http://www.amcv.com.
Note: Statements in this press release relating to matters that are not historical facts are forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause
the actual results, performances or achievements of American Classic Voyages Co. to be materially different from
any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors
include general business, economic and weather conditions which may impact passenger yields and occupancy and the
demand for the Company's products; unscheduled repairs and dry-docking of the Company's vessels; delays or the
inability to enter into definitive construction agreements on commercially reasonable terms; construction delays
and/or cost overruns during regularly scheduled lay-ups and/or dry-docks or in connection with the construction
of new vessels; successful completion of expansion plans, including the construction of new vessels; the impact
of changes and/or repeal of laws and implementation of government regulations, and other factors which are described
in further detail in American Classic Voyages' filings with the Securities and Exchange Commission.
SOURCE: American Classic Voyages Co.