Press Release: Bluegreen Corporation
Octiober 2, 2001
BOCA RATON, FL -- Bluegreen Corporation (NYSE: BXG), a leading U.S. developer and marketer of drive-to timeshare
resorts, golf communities and residential land, today announced that on September 6, 2001 it completed the first
transaction under its recently announced 364-day, $75 million revolving timeshare receivables purchase facility
with Credit Suisse First Boston.
Pursuant to the owner's trust structure utilized for this facility, Bluegreen sold approximately $17 million of
timeshare receivables to a special purpose subsidiary of Bluegreen. This special purpose subsidiary, in turn, sold
these receivables to the owner's trust for approximately $14.4 million, without recourse to Bluegreen or the subsidiary.
Bluegreen will continue to service the receivables that were sold.
George F. Donovan, President and Chief Executive Officer of Bluegreen, commented, ``First let me say that during
these trying times, the thoughts and prayers of all of us at Bluegreen are with the families, friends and co-workers
of those affected by the tragic events of September 11. We extend our deepest gratitude to the thousands of rescue
personnel who, on a daily basis, continue to perform acts of true heroism.''
Mr. Donovan also stated that Bluegreen has established a fund to assist the families of the victims of the World
Trade Center disaster. Bluegreen Corporation is matching, dollar for dollar, the contributions made by its employees
to this fund. All proceeds will be donated to the American Red Cross.
He continued, ``We have received inquiries from shareholders and institutional investors concerning the aftermath
of the tragic events of September 11 on the Company's timeshare operations and prospects. While we cannot fully
gauge the impact that the consequences of this horrific act and related events will have on our economy, our business
and our industry, we remind people that Bluegreen's timeshare properties (excluding Aruba) are located in a variety
of popular drive-to destinations. We do not, therefore, expect any material adverse effect on our operations by
any short-term reduction in air travel. Moreover, the flexibility of our Vacation Club allows our 70,000 owners
to make reservations at any one of our 32 owned and managed resorts. This convenience allows our owners to enjoy
a family vacation while, if they choose, remaining closer to home.''
Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of drive-to
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; 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,'' ``estimate,'' ``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, consumer demand may be less than
anticipated, regulatory changes, changes in national or regional economic conditions and consumer confidence and
spending that can affect the real estate market, risks associated with a large investment in real estate, the risk
that the impact of the events of September11 will be more adverse on the Company and its sales, operations, financing
and liquidity than that currently anticipated, shortages of available inventory, the risk that future sales contemplated
under the timeshare purchase facility referred to above will not close 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. 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, 561/912-8010
john.chiste@bxgcorp.com
or
The Equity Group Inc.
Investor Relations Counsel:
Devin Sullivan, 212/836-9608
www.theequitygroup.com