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Also Makes Management Changes

Ambassadors International to sell principal non-Windstar assets and become a "cruise only" company

eTN Staff Writer  Feb 12, 2009

NEWPORT BEACH, CA - Ambassadors International, Inc. announced the engagement of Stephens Inc. to sell the company's principal non-Windstar assets, as well as evaluate corporate capital and debt opportunities available to the company.

Joe Ueberroth, CEO of the company, stated, "The board and management are confident in the strategy to focus all of our capital and efforts on Windstar Cruises and the small ship luxury segment. Further, we believe that Windstar has the most potential upside for our shareholders, and a successful sale of our other businesses provides the company stability in a difficult economy."

The businesses to be sold by Stephens include the company's marine division, including its marina construction and marine operations businesses, and its travel and events division.

The company also announced that effective today that Art Rodney, a thirty-year cruise veteran, replaces Joe Ueberroth as the chairman of the board and that cruise and corporate headquarters will be consolidated in Seattle, WA over the next several months. In addition, during this transition period, the current executive team in Newport Beach, CA will be transitioning out of the company. The company has already commenced a search for experienced cruise executives to replace Mr. Ueberroth as CEO and Laura Tuthill as CFO.

"I have enjoyed working with Joe over the last year and respect his resolve to put shareowner interest ahead of his personal interest," commented Mr. Rodney. "The board requested Joe's participation in the bidding process for our marine group, since he knows the business well and can move quickly, although we also will actively solicit bids from other interested parties." In light of Mr. Ueberroth's anticipated participation in the marine division bidding process, the board of directors has formed a special committee to be advised by Stephens.

Ambassadors International to sell principal non-Windstar assets and become a "cruise only" company
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