ORLANDO, Fla., April 20, 2004 (PRIMEZONE) -- eMax Corporation (Pink Sheets:EMAX) today announced that its new eMax Adventures, Inc. subsidiary has executed a letter of intent for the purchase of a SCUBA diving resort located in Roatan, Honduras for $850,000 cash. This purchase constitutes the first of several planned acquisitions on the part of eMax Adventures in its effort to build a network of safe, affordable, family oriented sport and leisure travel destinations throughout the US, Caribbean and Gulf of Mexico.
eMax Adventures expects to travel to Honduras July 4th through the 11th, 2004 to close the purchase and begin the operational transition of the resort. eMax Adventures projects annualized EBITDA in excess of $500,000 at occupancy upon completion of the transition and assumption of full scale operations and notes these projections do not include incidental profits resulting from souvenir and merchandise sales, equipment rentals, etc. The company expects to invest an additional $150,000 in property improvements over the six month transition period. Upon completion of the purchase, eMax Adventures will seek to obtain SCUBA Schools International Latin America resort/training recognition and certification for the property and expand operations to include recreational and professional SCUBA education and certification services. eMax Adventures is also actively seeking other opportunities to add land based recreational activities in Roatan to the resort's current offerings.
Further details on the purchase and resort will be released upon final execution of the binding purchase agreement.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward- looking statements involve risks and uncertainties.