Press Release: Vail Resorts, Inc.
March 5, 2001
VAIL, CO -- Adam Aron, chairman and chief executive officer of Vail Resorts, Inc. (NYSE: MTN) announced March 2
that the Company has entered into a joint venture with Resort Technology Partners (RTP). A new joint venture company
has been formed to develop, sell and deliver technology-based products and services to hospitality and resort businesses.
The new company will retain the name RTP, taking advantage of the brand equity that has already been created by
this successful Colorado business.
Vail Resorts will contribute assets, services and staff groups from VailNet, InternetWorks and Vail Resorts' internal
New Media division, as well as $2.5 million in cash capital to the joint venture. RTP will contribute its entire
business of resort application software and e-commerce, including all products and customer accounts, to the new
company.
Today, VailNet is the largest internet service provider (ISP) in the mountain communities of Colorado; InternetWorks
is a third party website designer; New Media developed Vail Resorts' proprietary websites; and RTP has successfully
commercialized resort point-of-sale and other technical systems.
Adam Aron, chairman and CEO of Vail Resorts, commented, ``We're combining the highly specialized expertise of four
successful business entities into one company that can provide turnkey technology solutions to resort industry
clients. This joint venture will ensure that Vail Resorts remains on the cutting edge of technology with its own
products and services, and should generate attractive financial returns over time. In the immediate term, however,
the financial impact of this announcement will be nominal.''
Vail Resorts, Inc. is the premier destination mountain resort operator in North America. The company's subsidiaries
operate the Colorado resorts of Vail, Breckenridge, Keystone® and Beaver Creek®, as well as the Grand Teton
Lodge Company in Jackson, Wyoming. The Vail Resorts website is www.vailresorts.com. Vail Resorts is a publicly
held company traded on the New York Stock Exchange (NYSE: MTN).
Statements in this press release, other than statements of historical information, are forward looking statements
that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ
materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to, general business
and economic conditions; competitive factors in the ski and resort industry; the weather; downturn in the reservations
technology market; technology development risk, including the failure to develop the required technology on time
and on budget, and failure of the venture to realize expected financial and operational benefits. Investors are
also directed to other risks discussed in documents filed by the Company with the Securities and Exchange Commission.
SOURCE: Vail Resorts, Inc.