Ultimate Escapes Submits Notification of Late Filing

By: Destination Club News
Date: April 1, 2010

Ultimate Escapes, the world's first publicly-traded destination club, has submitted their Form 12b-25 to the United States Securities and Exchange Commission, notifying them of a late filing for the period ending December 31, 2009.

Late in October of last year, Ultimate Escapes and Secure America Acquisition Corporation announced the completion of their business combination. As a result of the late year combination, the club was unable to complete their filing and will receive an additional 15 days as a result of their notification.

"As a result of the registrant’s completion of a business combination in October 2009, prior to which it had been a special purpose acquisition company, the information necessary to submit the registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 could not be completed on a timely basis without unreasonable effort or expense to the registrant in its ordinary course of business," the club wrote in the filing.

As the world's first publicly-traded destination club, Ultimate Escapes is required to disclose more information regarding financials than other leading clubs and has even created a Code of Business Conduct and Ethics that includes:

  • Compliance with Laws, Rules, and Regulations
  • Conflicts of Interest
  • Employment/Labor
  • Related-Party Transactions
  • Insider Trading
  • Anti-Kickback Rules
  • Confidentiality
  • Honest and Ethical Conduct and Fair Dealing
  • Protection and Proper Use of Corporate Assets
  • Accuracy of Books and Records and Public Reports
  • Concerns Regarding Accounting or Auditing Matters
  • Reporting and Compliance Procedures

Currently trading on the OTC Bulletin Board, Ultimate Escapes' President and CEO Jim Tousignant has said that they will "pursue our secondary offering during 2010 when market conditions are more favorable."

The Markers Club and several other new destination clubs are also exploring a public option. For more information about all of these clubs, check back frequently.