Ultimate Escapes Suspended From NYSE and Postpones Secondary Public Offering

By: Destination Club News
Date: February 17, 2010

Due to "difficult market conditions," Ultimate Escapes has announced that it has postponed their secondary public offering of shares of its common stock and the company's shares will be suspended from the New York Stock Exchange Amex effective tomorrow morning. The club expects that their common stock will be quoted on the OTC Bulletin Board.

"We are disappointed that we are unable to complete the offering at this time," said President and CEO Jim Tousignant. "Unfortunately, the difficult market conditions over the last several weeks have led to a number of IPO's and secondary offerings being downsized or postponed. We expect to pursue our secondary offering during 2010 when market conditions are more favorable."

The world's first publicly-traded destination club, Ultimate Escapes had expected to remain listed on the NYSE but will now move forward with the expectation that their securities will be quoted on the Pink Sheets.

Despite the setback, Ultimate Escapes is still moving forward aggressively with the recent hires of Robert Glinka and Ted Curtis, the club's new Chief Operating Officer and Chief Sales and Marketing Officer respectively. From the membership side of the equation, two enticing membership benefits have been offered recently, allowing members to receive free annual dues or free airfare for their first year of membership. In addition, properties in Telluride, Florence, and the Dominican Republic have all been announced in recent months.

As we mentioned in previous articles, we have spoken with multiple other destination clubs who are considering a publicly-traded club option. As the first club to use this model, these younger clubs are eagerly watching how Ultimate Escapes progresses.

If you are evaluating destination club membership and would like to compare Ultimate Escapes to other destination clubs, request a free copy of our Destination Club Guide.