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March 22, 2002

SeaEscape buying another ship
SeaEscape Entertainment, Inc. has signed an agreement to purchase a 433-foot gaming and entertainment cruise ship, making it the second full-sized cruise ship presently operated by SeaEscape. The vessel was operated at one time by Commodore Cruise Lines as the Enchanted Sun. Commodore extensively renovated the ship approximately three years ago, creating several separate gaming areas, including a modern, two-story casino. More recently the vessel has been the M/V Talisman, and is currently in dry dock in South Carolina

"I believe this ship will be one of the very finest gaming and entertainment ships in service today, and SeaEscape is proud to be purchasing it," said SeaEscape Chairman C. Dean Hofmeister. "It has the finest floating casino I have ever seen and it compares favorably with many land-based casinos."

Closing on the purchase and delivery of the ship are scheduled for mid-April. SeaEscape is analyzing several possible markets, including South Florida and other eastern seaboard venues.

"The acquisition of this ship should result in significant cost-savings to SeaEscape by spreading the administrative costs over two ships," Hofmeister said. "It is preferable to operate a multi-ship cruise line, since the infrastructure necessary for one ship can easily support more vessels."