KOSMAS GROUP QUIETLY GOING ABOUT ITS BUSINESS IN FLORIDA

Staff Writers

July 16, 1999
Now that the dust has settled from KGI's recent sale of several of its resorts to Equivest, the company has quietly gone back to work with its remaining properties in Florida, and has published a newly renovated website as well.

Kosmas Group International, Inc. opened their first resort in New Smyrna Beach, Florida in1980. Through the 1980’s KGI development efforts were concentrated in Ocean City, Maryland and at beachside properties, especially in New Smyrna Beach, Florida. Six resorts, featuring condominium, villa and townhouse accommodations, were developed; all sold out within three years.

In the last few years the company beefed up its inventory in preparation for an IPO by adding several new resorts to their portfolio. But as the stock market began to roller coaster and funding for such projects began to dry up, KGI decided the time was not right for going public.

In an effort to consolidate its core holdings and rid itself of excess inventory, KGI sold to Equivest the following KGI resorts earlier this year: Bluebeard's Castle, The Elysian and Bluebeard's Beach Club & Villas in St. Thomas, U.S. Virgin Islands; Avenue Plaza in New Orleans, Louisianna; The Coconut Malorie in Ocean City, Maryland; and Ocean Gate in St. Augustine, Florida. (Equivest's Customer Service number is 1-800-558-2048.)

Following the sale, KGI's portfolio now consists of 10 resorts in New Smyrna Beach, one in Key West and one in Kissimmee. The company will continue to serve more than 20,000 owners from its 12 resorts, retaining its distinction among the top 25 timeshare operators in the United States. You can visit their newly improved website at http://www.kosmasgroup.com

Equivest Finance, Inc., has also purchased land on Pennsylvania Ave. in Washington D.C. this year, where it plans to build a resort with about 65 units. Last August, Equivest purchased Eastern Resorts Company.

Equivest currently has total assets of more than $250 Million and a consumer base of more than 40,000 families.