Demeure Confirms Purchase of Ultimate Escapes Assets

WATERLOO, Ontario, Nov. 18, 2010 /PRNewswire/ -- Demeure, a next generation travel community through which members access the world's finest vacation homes at discounted rates and without costly membership capital contributions or deposits, today announced that it has reached an agreement with Ultimate Escapes CapSource to amend the asset purchase agreement and waive certain conditions to closing 6 days ahead of the November 24th deadline. Former members of Ultimate Escapes who join the Demeure community can be assured of a trusted home for their travel experience.

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Demeure will be proceeding with the purchase of all the original assets listed in its court approved Asset Purchase Agreement and will also purchase an additional property in Scottsdale, Arizona. The Purchase Agreement also includes intellectual property and other critical Ultimate Escapes assets, to ensure a smooth transition of UE members to Demeure.

The Asset Purchase Agreement in its amended form represents the conclusion of the agreement between the Estate and Demeure. Demeure will also be offering employment to key Ultimate Escapes employees commencing on November 24th.

"Ultimate Escapes members have been put into an extremely stressful financial and emotional position throughout the bankruptcy process. It has been our goal to ensure their needs are at the forefront of our work," said Peter Schwartz, Chairman and CEO of Demeure.  "Through the incredible efforts of our employees we have been able to convey our unique value proposition to members, which involves putting their own properties to work within the Demeure community. Our direct communication efforts with them has led to over 150 unique requests from members looking to participate in the property purchase program." 

It had become clear throughout the Ultimate Escapes bankruptcy process and Demeure transition that members have individual needs requiring personalized attention. The waiver of conditions by Demeure and its commitment to proceed with the original Asset Purchase Agreement ensures members will have ample opportunity to complete commitment agreements, participate in the property purchase program and reservation lottery throughout the months of November and December.

"CRG is pleased that the conditions to close on November 24th have been waived and that CapitalSource Bank continues to work cooperatively with Demeure to reach a successful result based on the current number of property purchase inquiries," said Stephen Gray of CRG Partners.

For more information on how former Ultimate Escapes members may transition to Demeure, please visit the UE Member Transition Micro-site at http://www.demeure.com/news/ultimate-escapes.

ABOUT DEMEURE

Demeure is a community of discerning travelers that provides access to homes, villas, flats and hotels in sought after locations at significant discounts. Demeure's management team includes travel, financial and supply chain management experts who have developed a vacation club model that responds to the needs of the market with minimal financial risk. Demeure delivers smart, flexible and cost efficient access to properties all around the world.

Members of Ultimate Escapes who have further inquiries may continue to submit them via email to [email protected] or by calling 1-877-774-8738 or 1-877-814-2919 from 9am to 5pm Central Standard Time.

SOURCE Demeure