Monday, June 12,
2000
Cruise
to nowhere company acquired
American Imaging, Inc. (NQB:AMIG) announced today that it has
agreed to acquire 100% of SeaEscape Casino Cruises and its operations
in a stock-for-stock transaction. The company
also announced that it would be changing its name to SeaEscape
Entertainment, Inc., and will be applying for a new ticker symbol,
which will be announced as soon as it has been assigned. SeaEscape
will assume management and control of the public company, which
has been dormant for some time.
SeaEscape is believed to be the originator
of "cruises to nowhere." It operates 13 five- to six-hour
cruises weekly from Port Everglades in Ft. Lauderdale on the
M.V. Island Adventure, which at 512 feet and over 15,000 tons
is, by far, the largest such vessel in this type of service,
with a capacity of over 1,150 passengers per cruise. SeaEscape
carried 370,000 passengers in the past 12 months and a total
of over 6 million in its 18-year history,.
The transaction is expected to be consummated
in the next several weeks, subject to certain corporate formalities
remaining. No assurances can be given as to the exact timing
of the closing, and although the parties are very optimistic
that it will be accomplished, the financial community must be
aware that it is possible that the pending transaction will not
be finalized.
A spokesman for AMIG stated that the company
has been looking for an acquisition partner for the past several
months and that SeaEscape, with 18 years in operation and estimated
annual gross revenue for fiscal year 2000 in excess of $29 million,
seems to be a perfect match.
SeaEscape executive VP Bruce Yasukochi
said that SeaEscape plans to expand its operations in the near
future and that the acquisition by AMIG would give SeaEscape
greater access to public capital markets for that expansion.
Yasukochi said that the company's plans would be announced shortly.
Indian Coast Guard monitors
hijacked ship
An Italian owned ship, the 10,576 gt Med Star, has been seized
by stowaways en route from Banda Abbas, Iran for Kandla, India.
Reports from the Times of India and All India Radio say the 14
stoways (10 iranians and four Iraquis) have a bomb. They are
seeking asylum in Germany, reports say.
The 1980-built general cargo carrier is
owned by Alcove Shipping of Savona, Italy, and managed by B Navi,
which shares the same office address as Alcove. It flies the
flag of St. Vincent and the Grenadines. The Equasis data base
shows that B Navi manages 30 ships.
The Med Star left Banda Abbas last Thursday.
On Sunday, says the Times of India, it was scheduled to arrive
at Kandla port on Sunday afternoon to load 2,000 tonnes of granite.
"But its master, G. Bartolomei, sent a message to B Navi,
which was passed on to the shipping agent, Pearl Shipping Agency
at Gandhidham, on Friday morning saying the vessel had been captured
by stowaways."
The ship reportedly has a crew of 20, mostly
Ukrainian and Filipino nationals.
Earlier today, two Indian Coast Guard vessels
had the vessel under observation in international waters 70 miles
west of Okhaport. India, according to All India Radio.
Apparently, the hijackers are negotiating
by radio with the vessel's P&I Club, which has forwarded
their request for asylum to the U.N. High Commission for Refugees.
SEACOR announces potential
financing plan for Chiles
Seacor Smit Inc. says its 55% owned subsidiary Chiles Offshore
LLC is contemplating a plan of financing that may include an
initial public offering of its equity. The principal purpose
of such a financing plan would be to enable Chiles to retire
indebtedness, including its outstanding senior notes, and to
fund further growth and working capital.
On April 10, Chiles Offshore announced
that a wholly owned dedicated subsidiary had entered into an
agreement with Singapore's Keppel FELS Limited to build a KFELS
MOD V "`B'' jackup drilling rig at a total construction
cost estimated not to exceed $110.0 million.
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