Altitude International Holdings
Secures World-Class Property for Global Headquarters
Company to Oversee Growth of All
Subsidiary Operations from Strategically Located
Sandpiper Bay Resort
PORT ST. LUCIE, FL -- September 8,
2022 -- InvestorsHub NewsWire -- Altitude International
Holdings, Inc. (OTC: ALTD) ("Altitude" or the "Company'), a
diversified, vertically integrated holding company focused on
performance-based businesses, today announced its newly formed
wholly owned subsidiary, Altitude Hospitality, LLC ("Altitude
Hospitality") closed several transactions related to its lease of
the 216-acre Port St. Lucie, Florida property formerly operated
under the name "Club Med Sandpiper Bay" from Sandpiper Resort
Properties, Inc. and Holiday Village of Sandpiper, Inc.
("Property").
As
previously disclosed the Company entered into that certain Purchase and Sale Agreement
effective as of April 25, 2022 (the "Property PSA"), as amended,
for the purchase by the Company of the Property. Pursuant to the terms of the Property
PSA the Company was allowed to assign is rights under the Property
PSA.
Specifically, on September
2, 2022, the Company assigned to Altitude Hospitality its
rights under the Property PSA and Altitude Hospitality agreed to
designate STORE Capital Acquisitions, LLC, a Delaware limited
liability company ("STORE") as the grantee under the deed from
Sandpiper in a Purchase and Sale Agreement (the "STORE PSA")
between Altitude Hospitality and STORE through which the title to
the Property was conveyed to STORE through the Property PSA in a
simultaneous closing. Concurrently with the sale of, Altitude
Hospitality entered into a Lease Agreement with STORE for Altitude
Hospitality's lease and use of the Property through September 30,
2042, with five-year extension options through 2062.
In
connection with the foregoing, the Company and Altitude Hospitality
secured a $15.0 million term loan from Feenix Venture Partners,
LLC, a private credit lender that has previously financed the
Company. Proceeds from the loan were used to fund certain
obligations under the Lease Agreement with STORE and for general
working capital. Altitude Academies, a wholly
owned subsidiary of the Company, has been operating at the Property
for nearly 13 years, which, until a recent rebranding, has been
known as "Club Med Academies." The resort will operate under its
new name, "Sandpiper Bay Resort, a Trademark Collection® By
Wyndham." The Property will serve as the global headquarters
for Altitude International Holdings and its wholly owned
subsidiaries, including the sports academies, Rush Soccer, Altitude
International, the resort operations and the Company's other
operations.
"Our
new headquarters will bring together our businesses at one
incredible property, creating a best-in-class global destination
for our training, education, and newly acquired active family
resort businesses," said Gregory Breunich, Chief Executive officer
of Altitude. "We believe this strategic addition to our businesses
is instrumental to our future. The ramp-up for an extensive
renovation is underway with expected completion over the next two
years to the 200 acres of property that features a 335-room
waterfront hotel, an on-site golf course and driving range, tennis
and pickleball courts, volleyball courts, soccer fields, a marina,
and all the amenities of a full-service resort. The resort will
remain open throughout the renovation process."
"Our
long-term vision is to be globally recognized as a world-class hub
for both hospitality, sports and education opportunities by
incorporating and fully integrating the resort operation, our
existing sports academy and a comprehensive real estate development
strategy. We believe that the repositioning of the Property will
allow the resort to maintain its worldwide destination status and
enable the continued growth of our sports academy, which
ultimately, will provide a positive economic impact to the local
community and bring long-term value to our shareholders," concluded
Breunich.
For
additional information related to foregoing transactions please see
the Company's Current Report on Form 8-K filed with the Securities
and Exchange Commission on September 8, 2022.
About Altitude International
Holdings, Inc.
Altitude International Holdings, Inc.
(OTC: ALTD) ("Altitude") is a multi-discipline
holding company which blends income streams from performance-based
education, sports, arts, science, and technology. Altitude's
multi-discipline approach consists of wholly owned stand-alone
academies, wellness centers, and manufacturing/assembly facilities.
These operations represent best-in-class high-performance
methodology/protocols for training, education, and therapy
environments; hypoxic training chambers, air-to-water machines,
sports training and educational institutions, and wellness
initiatives. For more information, please visit www.altdintl.com.
Forward-Looking
Statement
This news release includes
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended; Section 21E of the Securities
Exchange Act of 1934, as amended; and the safe harbor provision of
the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements contained in this news release may be
identified by the use of words such as: "believe," "expect,"
"anticipate," "project," "should," "plan," "will," "may," "intend,"
"estimate," predict," "continue," and "potential," or, in each
case, their negative or other variations or comparable terminology
referencing future periods. Examples of forward-looking statements
include, but are not limited to, statements regarding our financial
outlook and guidance, short and long-term business performance and
operations, future revenues and earnings, extensive renovations as
it relates to the Property, our comprehensive real estate
development strategy, legal events or outcomes, market conditions
and trends, new or expanded products and offerings, growth
strategies, underlying assumptions, and the effects of any of the
foregoing on our future results of operations or financial
condition.
Forward-looking statements are not
historical facts and are not assurances of future performance.
Rather, these statements are based on our current expectations,
beliefs, and assumptions regarding future plans and strategies,
projections, anticipated and unanticipated events and trends, the
economy, and other future conditions, including the impact of any
of the aforementioned on our future business. As forward-looking
statements relate to the future, they are subject to inherent risk,
uncertainties, and changes in circumstances and assumptions that
are difficult to predict, including some of which are out of our
control. Consequently, our actual results, performance, and
financial condition may differ materially from those indicated in
the forward-looking statements. These risks and uncertainties
include, but are not limited to, "Risk Factors" identified in our
filings with the Securities and Exchange Commission, including, but
not limited to, our most recently filed Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and any amendments thereto. Even if
our actual results, performance, or financial condition are
consistent with forward-looking statements contained in such
filings, they may not be indicative of our actual results,
performance, or financial condition in subsequent
periods.
Any forward-looking statement made in
the news release is based on information currently available to us
as of the date on which this release is made. We undertake no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events, or
otherwise, except as may be required under applicable law or
regulation.
Media Contact:
Adrienne Mazzone
561-908-1683
amazzone@transmediagroup.com
Investor Relations:
Brooks Hamilton
MZ Group - MZ North
America
+1 (949)
546-6326
ALTD@mzgroup.us