Ambassadors International, Inc. (Nasdaq: AMIE) (the "Company") announced today that it has entered into an agreement to sell Ambassadors Marine Group, LLC ("AMG"), which holds all assets related to the Company's marine business, to Bellwether Financial Group, Inc., a company affiliated with its former Chief Executive Officer, Joseph Ueberroth.
As previously announced, the Company has decided to sell all non-Windstar Cruises assets. In April, the Company announced the sale of its travel & events business. Arthur Rodney, Chairman of the Board of Directors, stated that "the board and management are pleased with this purchase agreement. With this transaction and the sale of the travel & events business, we can focus all of our capital and efforts on Windstar Cruises and the small ship luxury segment."
Pursuant to the terms of the purchase agreement, the Company retains the right to solicit superior proposals to acquire AMG until May 22, 2009. Proposals may be submitted to the Company's investment banker, Stephens, Inc.
Ambassadors International, Inc. is a cruise and marine company. The Company operates Windstar Cruises, an international, luxury cruise line. The Company is also a global provider of construction and consulting services to marina owners. The Company is transitioning its headquarters from Newport Beach, California to Seattle, Washington. In this press release, any reference to "Company," "Ambassadors," "management," "we," "us" and "our" refers to Ambassadors International, Inc. and its management team.