In the news release, "Aventura Resorts, Inc. Completes Letter of Intent on Florida Resort Purchase," issued earlier today by Aventura Resorts, Inc. (PINKSHEETS: AVTJ), we are advised by the company that the headline should read "Aventura Resorts Inc. Completes Agreement on Florida Resort Purchase" rather than "Aventura Resorts, Inc. Completes Letter of Intent on Florida Resort Purchase" and the first paragraph should read "completed agreement" rather than "completed letters of intent" as originally issued. The full release follows:
Aventura Resorts Inc. Completes Agreement on Florida Resort Purchase
BELLEVUE, WA -- 08/04/2006 -- To serve the largest "Snowbird" market in the USA, Aventura Resorts Inc. (PINKSHEETS: AVTJ) today announced that it has completed agreement to purchase a south-central Florida RV resort.
Spanning some 40 acres that include a 7-acre private lake, the existing resort operates virtually sold-out in the Snowbird season that runs from October through March each year.
Aventura Resorts Inc plans a comprehensive upgrade to the facility, creating an "Old Florida" look similar to that famous throughout the Florida Keys. The improvement investment will total some $7 million.
The name for the new, enhanced resort will be "Plantation Shores by Aventura."
Planned amenities include a party boat and a houseboat moored on nearby Lake Okeechobee.
The resort will sell fee-simple interests in deluxe RV Pads, and a condominium interest in the common areas and amenities. The resort will be a gated community with 24/7 security.
Aventura Resorts Inc CEO Gerald Gawne announced the Letters of Intent signatures today, saying: "This major Florida resort gives Aventura entry into the largest RV snowbird market in the U.S.A."
Jerry Smith, Aventura's President, observed: "We expect a rapid acceptance of this new resort, two nearby, similar RV Country Clubs have reached near sold-out status ahead of their own schedules."
About Aventura Resorts, Inc.
Aventura Resorts meets the needs of today's growing RV market through the design, planning, development and management of its upscale ownership resorts. The company markets fee-simple, deeded lots in a controlled density resort with amenities designed for the lifestyle needs of today's motorcoach owner. Aventura's focus is on the Sunbelt states with future expansion planned for Mexico and the west coast.