Bally Total Fitness Enters Into Agreements to Sell Canadian Operations to Extreme Fitness, Inc. and GoodLife Fitness Centres Inc
25 Abril 2007 - 12:41PM
PR Newswire (US)
Sale of Sports Clubs of Canada and Bally Total Fitness Clubs in
Toronto Market Allows Company to Focus on Core Brand and U.S.
Market CHICAGO, April 25 /PRNewswire-FirstCall/ -- Bally Total
Fitness (NYSE:BFT), one of the largest operators of fitness centers
in the U.S., announced today that it has entered into agreements to
sell its 16 Toronto, Canada facilities to Extreme Fitness, Inc.,
which is acquiring six of the facilities, and GoodLife Fitness
Centres Inc., which is acquiring ten of the facilities. The
properties include nine Sports Clubs of Canada and seven Bally
Total Fitness clubs. The transactions are subject to customary
closing conditions, including lease negotiations. Terms of the
transactions were not disclosed. The sale is part of the Company's
strategy to divest non-core assets in order to focus on the core
Bally Total Fitness brand and operations in the United States.
Proceeds from the transactions are estimated to be approximately
$19.6 million (Canadian) and will be available to support
operations. "These transactions are important steps forward in
Bally's business and financial restructuring initiatives. The
proceeds will enhance Bally's liquidity in support of the Company's
ongoing efforts to negotiate a consensual restructuring with our
debt holders," said Don R. Kornstein, Bally's interim Chairman. "I
would like to acknowledge all of our Canadian employees for their
dedicated service to Bally Total Fitness and wish them continued
success." About Bally Total Fitness Bally Total Fitness is among
the largest commercial operators of fitness centers in the U.S.,
with over 400 facilities located in 29 states, Mexico, Canada,
Korea, China and the Caribbean under the Bally Total Fitness(R),
Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally
offers a unique platform for distribution of a wide range of
products and services targeted to active, fitness-conscious adult
consumers. Forward-Looking Statements Forward-looking statements in
this release including, without limitation, statements relating to
the Company's plans, strategies, objectives, expectations,
intentions, and adequacy of resources, are made pursuant to the
safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. These statements are based on beliefs
and assumptions by the Company's management, and on information
currently available to management. Forward-looking statements speak
only as of the date they are made, and the Company undertakes no
obligation to update publicly any of them in light of new
information or future events. In addition, these forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. These factors are described in
filings of the Company with the SEC, including the Notification of
Late Filing on Form 12b-25 filed on March 15, 2007. DATASOURCE:
Bally Total Fitness CONTACT: Matt Messinger of Bally Total Fitness,
+1-773-864-6850 Web site: http://www.ballyfitness.com/
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