FORT LAUDERDALE, Fla., March 6, 2012 (GLOBE NEWSWIRE) -- ALAS International Holdings, Inc./PV Enterprises (VDSC) has completed negotiations with Yeosu Expo Cruise Corporation and entered into a contract to provide a cruise ship, The Emerald, for guest accommodations available to attendees of the World EXPO 2012. In addition to the $10.3 Million (USD) guarantee, PV Enterprises will also receive 50% of all net revenues collected on board from food, beverage, casino etc. This additional revenue is estimated at $2 million (USD) for a total of approximately $12.3 million (USD).
We have received the Official Approval Letter regarding the Berth Allocation for a Floating Hotel. Approval is for the period of May 8 thru August 12, 2012 for a total of 96 days.
The Emerald has a total of 500 Guest Staterooms with a maximum capacity of 1,800 guests on board at any one time.
Peter Villiotis, President and CEO, stated, "We are excited about the opportunity to provide the vessel as a floating hotel for the World Expo in Korea. Upon completing our engagement in Yeosu, the Emerald will be re-deployed to Colon, Panama. From both Colon, Panama and Cartagena, Colombia the Emerald will cruise year round to the Caribbean. We will be offering 3, 4 & 7 day cruises."
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Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.