FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) (“BBX Capital”),
announced that Bluegreen Vacations Corporation (NYSE: BXG), which is 90%
owned by BBX Capital, issued the following press release. Please see the
Bluegreen press release below.
About BBX Capital Corporation: BBX
Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) is a Florida-based
diversified holding company whose principal investments include
Bluegreen Vacations Corporation (NYSE: BXG), BBX Capital Real Estate,
Renin Holdings, and IT’SUGAR. For additional information, please visit www.BBXCapital.com.
BBX Capital Corporation Investor Relations Contact:
Leo
Hinkley, Managing Director, Investor Relations Officer
Phone:
954-940-5300
Email: [email protected]
——————————–
May 28, 2019
BOCA RATON, Fla. — (BUSINESS WIRE) — Bluegreen Vacations Corporation
(NYSE:BXG) and its subsidiaries (“Bluegreen”) announced today that Bass
Pro Inc. and its affiliates (“Bass Pro”) notified Bluegreen that Bass
Pro was terminating the parties’ Marketing Agreement based on alleged
breaches by Bluegreen effective as of the close of business on May 24,
2019. As a result of that termination, the Company is no longer being
given access to the Bass Pro marketing channels or advertising materials.
Bluegreen and Bass Pro have had numerous meetings and discussions, the
most recent of which occurred on May 20, 2019. At that meeting,
Bluegreen proposed a comprehensive plan to address the outstanding
issues between the parties. At that meeting, Bass Pro committed to
getting back to Bluegreen and to sending Bluegreen requested documents.
On Thursday, Bass Pro emailed Bluegreen a question and on Friday
Bluegreen responded. Bluegreen was not advised of the termination by
Bass Pro until receipt of Bass Pro’s letter after the close of business
on Friday.
As previously announced, Bass Pro filed an action in federal court
related to the outstanding issues between the parties. Bluegreen, which
has not yet been served with the lawsuit, believes that even if Bass
Pro’s claims were established – which Bluegreen believes to be unlikely
– the amount of Bluegreen’s exposure relating to the monetary issues
raised by Bass Pro pursuant to the agreement would be less than $20
million. Bluegreen intends to pursue all legal and equitable remedies
available to it, including the filing of a counterclaim in the pending
litigation, for wrongful termination by Bass Pro of the parties’
Marketing Agreement.
Bluegreen’s vacation ownership interest (“VOI”) sales to new customers
from leads generated in Bass Pro stores constituted 14% of Bluegreen’s
total system-wide VOI sales, 29% of Bluegreen’s system-wide VOI sales to
new customers and 9% of Bluegreen’s total revenues for the year ended
December 31, 2018.
About Bluegreen Vacations Corporation Bluegreen Vacations
Corporation (NYSE: BXG) is a leading vacation ownership company that
markets and sells vacation ownership interests (VOIs) and manages
resorts in top leisure and urban destinations. The Bluegreen Vacation
Club is a flexible, points-based, deeded vacation ownership plan with
approximately 217,000 owners, 69 Club and Club Associate Resorts and
access to more than 11,000 other hotels and resorts through partnerships
and exchange networks as of March 31, 2019. The Bluegreen Resorts
Collection, designed to deliver a seamless process for vacationers,
features beautiful and unique resorts grouped by theme that range from
beachside getaways, to theme park adventures, immersion in the great
outdoors, historic and cultural exploration. Bluegreen Vacations also
offers a portfolio of comprehensive, fee-based resort management,
financial, and sales and marketing services, to or on behalf of third
parties. Bluegreen is approximately 90% owned by BBX Capital Corporation
(NYSE: BBX) (OTCQX: BBXTB), a diversified holding company. For further
information, visit www.BluegreenVacations.com.
Forward Looking Statement
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
opinions, forecasts, projections, future plans or other statements,
other than statements of historical fact, are forward-looking
statements. Actual results, could differ materially from those
contemplated, expressed, or implied by the forward-looking statements.
Forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to, those relating to the
impact that the termination of the Marketing Agreement between Bluegreen
and Bass Pro will have on Bluegreen’s business, results, and financial
condition, risks related to the pending litigation, including that
Bluegreen may not be successful in defending such litigation or pursuing
claims or remedies against Bass Pro and that Bluegreen’s liability may
exceed the monetary amount anticipated. Reference is also made to the
risks and uncertainties regarding the business, operations and trading
markets of Bluegreen which are detailed in reports filed by Bluegreen
with the Securities and Exchange Commission (the “SEC”), including the
“Risk Factors” sections thereof, and may be viewed on the SEC’s website
at www.sec.gov.
Bluegreen cautions that the foregoing factors are not exclusive. The
reader should not place undue reliance on any forward-looking statement,
which speaks only as of the date made. Bluegreen does not undertake to,
and specifically disclaims any obligation to, update or supplement any
forward-looking statement, whether as a result of changes in
circumstances, new information, subsequent events or otherwise, except
as may be required by law.
Source: Bluegreen Vacations Corporation
Released May 28, 2019
Contacts
Bluegreen Vacations Corporation:
Nikki Sacks, 203-682-8263
or
Evelyn
Infurna, 203-682-8265
Email: [email protected]
