Ambassadors International, Inc. (NASDAQ:AMIE) (the "Company") announced today that its subsidiaries have selected V.Ships Leisure to manage the vessel operations of Majestic America Line. Under the agreement, V.Ships Leisure will provide services which include deck, engine and hotel crew management, procurement and technical and hotel operations. The agreement is subject to United States Maritime Administration ("MARAD") approval and both companies are in the process of working with MARAD toward that goal.
The Company also announced that it is anticipating the 2007 operating losses in Majestic America Line to continue into the fourth quarter, with the fourth quarter pre-tax loss for the line being in excess of $6 million prior to any potential benefit received from insurance recoveries related to 2006 and 2007 incidents. In addition, the Company announced that due to the V.Ships management agreement, the Company will change its operations accordingly. The Company anticipates recording certain charges during the fourth quarter of 2007 which could have a significant effect on the quarterly results. The Company is currently in the process of finalizing its plans and estimating the full impact on the fourth quarter of 2007.
Joe Ueberroth, Chairman and CEO of the Company, stated, "We are looking forward to utilizing the services and resources of V.Ships Leisure to support our efforts to deliver the premier river and coastal cruising experience of Majestic America Line. V.Ships Leisure brings an exemplary record of safety, excellence and operating efficiencies that is aligned with the Company's goals for a profitable Majestic America Line."
Lorenzo Malvarosa, CEO of V.Ships Leisure, stated, "We are delighted to expand our services to the highly regarded Ambassadors group for whom we already provide services for Windstar Cruises."
Roberto Giorgi, President of V.Ships added, "V.Ships is pleased to increase its presence in American flagged operations with American crew. Through the management of the fleet of Majestic America Line, V.Ships is also further developing its expertise in providing outsourcing services to U.S. publicly listed companies."
About Majestic America Line
Majestic America Line is the premier river and coastal cruising company in the United States, offering uniquely American cruise itineraries that provide an extraordinary travel experience. With a fleet of seven U.S.-flagged and built ships, Majestic America Line travels America's great rivers and coastal waterways from Alaska and the Pacific Northwest to the Heartland and the Lower Mississippi. The company's specially designed ships deliver an unequalled boutique cruise experience that combines an unmatched attention to quality with deluxe comfort and warm, attentive service from an American crew.
About Ambassadors International, Inc.
Ambassadors International, Inc. is a cruise, marine, and travel and event company. The Company operates Windstar Cruises, an international, luxury cruise line and Majestic America Line, a North American river and coastal cruising company. The Company is also a global provider of construction and consulting services to marina owners. In addition, the Company provides travel and event services. The Company is headquartered in Newport Beach, California. In this press release, any reference to "Company," "Ambassadors," "management," "we," "us" and "our" refers to Ambassadors International, Inc. and its management team.
About V.Ships Leisure
V.Ships Leisure is the passenger ship management arm of V.Ships (http://www.vships.com/), the largest business unit within V.Group. V.Ships is the world's largest provider of ship management services to a fleet of over 900 vessels encompassing most ship types. It is an international company with 70 offices located in 26 countries employing 1,500 office and 24,000 sea-going staff. V.Ships Leisure is the leading provider of third party management services to the cruise, ferry and yacht industries. The current ownership structure of V.Group is a 50/50 Exponent Private Equity and more than 160 of its directors and senior managers.
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