Press Release: American Skiing Company
October 2, 2001
NEWRY, ME -- American Skiing Company (NYSE: SKI) announced yesterday that it has closed on its previously announced
sale of the Sugarbush Resort in Warren, Vermont, to Summit Ventures NE, Inc., a company formed by a group of local
Vermont investors.
``The sale is consistent with our strategic plan to focus management and financial resources on our highest growth
opportunities,'' said American Skiing Company CFO Mark Miller.
American Skiing Company will use the proceeds of the sale to reduce its debt. Terms of the transaction remain confidential.
About American Skiing Company:
Headquartered in Newry, Maine, American Skiing Company is the largest operator of alpine ski, snowboard and golf
resorts in the United States. Its resorts include Killington and Mount Snow in Vermont; Sunday River and Sugarloaf/USA
in Maine; Attitash Bear Peak in New Hampshire; Steamboat in Colorado; The Canyons in Utah; and Heavenly in California/Nevada.
More information is available on the company's Web site, www.peaks.com.
This document contains both historical and forward-looking statements. All statements other than statements of
historical fact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements
are not based on historical facts, but rather reflect American Skiing Company's current expectations concerning
future results and events. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking
statements. Such forward-looking statements involve a number of risks and uncertainties. In addition to factors
discussed above, other factors that could cause actual results, performances or achievements to differ materially
from those projected include, but are not limited to, the following: failure to fully implement the restructuring
plan outlined by the Company in a press release on May 30, 2001; changes in regional and national business and
economic conditions affecting both American Skiing Company's resort operating and real estate segments; competition
and pricing pressures; failure to effectively manage growth, business and financial condition; failure to effectively
integrate or operate recently acquired companies and assets; failure to renew or refinance existing financial liabilities
and obligations or attain new outside financing; failure of on-mountain improvements and other capital expenditures
to generate incremental revenue; adverse weather conditions regionally and nationally; seasonal business activity;
changes to federal, state and local land use regulations; changes to federal, state and local regulations affecting
both American Skiing Company's resort operating and real estate segments; litigation involving anti-trust, consumer
and other issues; failure to renew land leases and forest service permits; disruptions in water supply that would
impact snowmaking operations and impact operations; the loss of any of our executive officers or key operating
personnel; control of American Skiing Company by principal stockholders; failure to hire and retain qualified employees;
and other factors listed from time-to-time in American Skiing Company's documents filed by the Company with the
Securities Exchange Commission. The forward-looking statements included in this document are made only as of the
date of this document and under section 27A of the Securities Act and section 21E of the Securities Exchange Act,
we do not have or undertake any obligation to publicly update any forward-looking statements to reflect subsequent
events or circumstances.
SOURCE: American Skiing Company