PERRYSBURG, Ohio, May 31, 2005 (PRIMEZONE) -- Leisure Direct, Inc. (OTCBB:LDTI) today announced that it has executed a Letter of Intent to purchase a spa manufacturer located in the mid-west. The target company had sales of approximately $11.2 million in 2004, and EBITDA of approximately $1.4 million. The target company sells spas through it wholly owned stores, and a dealer network. The target company also sells spas in Europe and South America. LDI's Chairman & CEO John Ayling stated that, "This acquisition would propel our strategy, which is to acquire additional product lines and distribution points in our primary market, the backyard and home leisure market. As we acquire additional companies, our financial performance will continue to expand." LDI has initiated its due diligence of the target company, and expects the negotiations of a Purchase Agreement shortly. This transaction would provide LDI with a positive boost to sales and earnings. The acquisition would also give the company an immediate presence overseas.
About Leisure Direct
Leisure Direct is a manufacturer and direct marketer of products in the Pool, Spa and Backyard Recreation Industry. Its overall goal in that industry is to consolidate a fragmented market and to implement a multi-faceted and direct approach to sales, marketing and distribution that will enable the company to provide a wide range of products and services for the pool, spa and patio industry, starting on a regional basis, and then expanding nationally. Additional information about the company can be found on its website, www.leisuredirectinc.com.
Forward-Looking Statements: Certain information contained in this news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. While these statements are made to convey the Company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent managements' opinion. Actual Company results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties.