Killington Deal Closes, Nyberg Named President

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11 May 2007

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SAM Magazine-Killington, Vt., May 11, 2007-Powdr Corp of Park City, Utah and SP Land Company of Killington have finalized their purchase of Killington and Pico ski areas from American Skiing Company (ASC). SP Land will continue to focus on real estate development, and Powdr will run the mountain resort operations. Final proceeds from the sale were $85.2 million.

Along with the ownership change, industry veteran Chris Nyberg becomes president of Killington Resort and Pico Mountain. Nyberg has 30 years of ski industry experience: he spent a decade at Mt. Bachelor in Oregon in a variety of capacities, several years running Willamette Pass Ski Area in Oregon, and two years as the head of The Summit at Snoqualmie, Wash. Since 2001, Nyberg has been vice president of North American and International operations for Bombardier; when Bombardier was acquired by Prinoth, Nyberg became vice president for Prinoth and was named to its board of directors.

"Killington has long been known as the East's skiing icon, and Powdr has a demonstrated desire to improve the guest experience while being fiscally responsible so that improvements to that experience can continue," said Nyberg. "I am very much looking forward to providing the values and vision and opportunities to our employees so that Killington can retain its iconic status in the East and aim for a Top 10 stature nationally."

Steve Selbo, president of SP Land Company, remarked, "We have worked very hard with Powdr and ASC to get to this point. We know there is a lot of hard work ahead, but hopefully it will also be fun as we aim to provide the best mountain resort experience in New England, and at the same time involve ourselves with the local community."

ASC used $80 million of the proceeds from the sale to repay all of its remaining issued and outstanding New Junior Subordinated Notes Due 2012. In anticipation of the closing, ASC also repaid long term notes payable of Killington, Ltd. of $3.9 million on Mar. 23, and redeemed subordinated notes and debentures related to Killington totaling $6.2 million on May 10.