FOR IMMEDIATE RELEASE
MEDIA CONTACT: Mark K. Fischer
CAPITAL GROWTH PARTNERS CONFIRMS UNITED PARK CITY MINES ACQUISITION
PARK CITY, UTAH (July 18, 2003) – Following the closing of the Merger Agreement between Capital Growth Partners (“CGP”) and United Park City Mines Company (formerly UPK – NYSE), Gerald A. Jackson, a managing principal of Capital Growth Partners provided background information on the transaction. He also announced plans for the future of the combined companies.
“This has been a complex transaction that took a lot of effort and cooperation from a lot of people” smiled Jackson. He continued, “As we’ve said from the beginning, we know first hand how wonderful the United Park land holdings are, and we are passionate about what Flagstaff and Bonanza Flats have the potential to become. We are very pleased to have been able to complete this transaction, so we can focus on bringing these developments to fruition.”
In 1999, Park City Municipal Corporation and United Park City Mines signed a Development Agreement regarding the United Park land holdings. According to Mr. Jackson, “The Development Agreement gives us a well thought-out road map to follow, and we intend to preserve as much of the feel of this property as possible. In the end, this will be a very unique place.”
The CGP partners spent the past two years closely studying the scope of the development project to determine the requirements for financial and management expertise. “In the course of our due diligence, we spoke with most of the top resort developers in the country about this property. Universally, they agreed that this is the best ski mountain real estate left in North America,” commented Mr. Jackson.
Mr. Jackson continued, “To do this property justice, we felt we needed to put together the best possible development team. We wanted people with the right vision and experience to help us make this property live up to its potential, so we brought in Talisker Mountain Resorts as a partner in Capital Growth Partners.”
Talisker has been involved in the Park City area for the past four years as the developer of Tuhaye, a golf course community southeast of Jordanelle Reservoir. Mandy Scully, Senior Vice-president of Talisker explained, “We were ecstatic to receive the call from Gerry about a year ago asking if we wanted to be part of the development of the United Park properties. Our experience ranges from the U.S. to Canada to the United Kingdom, but we are especially fond of the Park City area and were delighted to be able to make a greater investment of time and resources here.”
Ms. Scully outlined Talisker’s commitment as more than just financial, “The operational head of our resort development group is Mark Thorne. Mark was formerly with Vail Resorts where, as Vice-president of Real Estate Development, he led the development of Bachelor Gulch at Beaver Creek and Red Sky Ranch. He’s extraordinarily well qualified, and we are very pleased that he is going to be able to work on the United Park properties in addition to his responsibilities at Tuhaye.” Ms. Scully also noted that another member of the Tuhaye team, Senior Vice-president Jim Tadeson, will be working on the United Park properties as well.
Asked about the continued involvement of Richard Dudley and Craig Masters, Mr. Jackson responded, “This deal took a very long time to put together. In the meantime Richard and Craig had an opportunity to start developing another property in Arizona, so they sold their interest here to Talisker so that they could focus their efforts out of state.”
Mr. Jackson announced some additional help from the Vail Valley, “In conducting our search for the country’s best high-end resort condominium builders, East-West Partners continually ranked at the top. We are proud that they have purchased a substantial parcel of land along the portion of Guardsman’s Road that was realigned last summer, down slope from the Northside Express Chair.” Over time, East-West Partners will be developing a number of buildings totaling several hundred thousand square feet.
“All of us, Talisker, East-West, and CGP, are committed to doing this right,” Mr. Jackson concluded. “This is a big project with best-in-the-world potential. To do it right is going to take tremendous amounts of time and energy, and we’re excited to have the opportunity.”