Local ownership, new leadership and a fresh vision for Panorama Mountain
Village

Panorama Mountain Village Inc. completes the deal to acquire leading British Columbia mountain resort.

PANORAMA, BC, Feb. 26 /CNW/ - Panorama Mountain Village Inc. (Panorama Inc.) announced today that it has successfully completed the acquisition of Panorama Mountain Village from Intrawest and is ready to begin developing Panorama into one of the best family-focused mountain resorts in Canada.

The transaction includes the resort's on-mountain and Nordic ski operations, a 50 percent ownership position in Greywolf Golf Course, all of Intrawest's commercial operations and lodging units in the village, and the land available for real estate development.

President and Chief Executive Officer, Rick Jensen said that the new owners have vast experience in resort and property development, and will work with all stakeholders to bring renewed energy to Panorama Mountain Village. "Our diverse group of investors is committed to transforming Panorama into a true four-season family-focused destination," Mr. Jensen explained. "Most of us are local homeowners in Panorama and are passionate about creating a long-term sustainable future for the resort."

Panorama Inc. will immediately focus on improving guest experiences and enhancing village dining offerings. Plans also include expansion of the resort's novice terrain with the addition of a new chairlift, and the launch of new ski-in/ski-out home sites that will be available in the near future.

Panorama Mountain Village is one of the largest employers in the East Kootenay Region. "The talented and experienced employee team in place at Panorama is one of the greatest strengths of this deal," Mr. Jensen noted. "We are very excited to be working with these people to build excitement and enthusiasm, and to drive the resort forward."

According to Rick Jensen it is business as usual at Panorama Mountain Village and Panorama Inc. and Intrawest are working closely together to ensure a smooth transition of ownership. "Panorama Inc. is honouring all vacation reservations, season passes and products like the SnowMax Ski Card," he said. "As well, vacation packages and passes will continue to be available online at www.panoramaresort.com.

"We are excited about the possibilities and passion new local ownership is bringing to the resort," Mr. Jensen added. "Everyone is invited to come and experience the fun and excitement of Panorama Mountain Village."

About Panorama Mountain Village Inc.

Newly formed Panorama Mountain Village Inc. is made up of a group of Panorama homeowners and local business people who share a tremendous passion for Panorama Mountain Village. This diverse group of investors, led by Rick Jensen, has joined together to purchase the resort with plans to operate, further develop and grow this leading destination. Located in the B.C. Rockies, Panorama Mountain Village is a year-round resort featuring true slopeside lodging, one of North America's biggest vertical descents and the award-winning Greywolf Golf Course. For more information, visit www.panoramaresort.com and www.greywolfgolf.com.

For further information: Panorama Mountain Village, Jamie Hurschler, [phone], [email protected]