and Board Chairman, Resigns
MADISON, Wis., September 12, 2006 — Great Wolf Resorts (NASDAQ: WOLF), the nation's leader in indoor waterpark resorts, today announced that its board of directors has established an Office of the Chairman, consisting of the chairs of the company's Audit, Corporate Governance and Compensation Committees, to oversee the company's board. The company also announced that Bruce D. Neviaser has stepped down as chairman and as a member of the board, effective immediately. The board now consists of six members, five of whom qualify as independent directors.
"As a founder of our predecessor company, Bruce was instrumental in the formation and growth of Great Wolf Resorts,” said John Emery, chief executive officer. “His vision and entrepreneurial spirit helped establish our brand, and he remains a strong supporter of the company. I thank him for his significant contributions to the company and wish him all the best in his future pursuits.”
“I am departing in order to pursue other investment opportunities. I am leaving the company in good hands and feel very positive about the company's future prospects and ability to continue to build shareholder value,” Neviaser said.
About Great Wolf Resorts, Inc.
Great Wolf Resorts, Inc.® (NASDAQ: WOLF) is North America’s largest family of indoor waterpark resorts and owns and operates its family resorts under the Great Wolf Lodge® and Blue Harbor Resort™ brands. Great Wolf Resorts is a fully integrated resort company and owns and/or manages Great Wolf Lodge locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; the Pocono Mountains, Pa.; Niagara Falls, Ontario; and Blue Harbor Resort & Conference Center in Sheboygan, Wis. Great Wolf Lodge properties are currently in predevelopment and/or under construction in Mason, Ohio; Grapevine, Texas; and Grand Mound, Wash.
The company’s resorts are family-oriented destination facilities that generally feature 300 to 400 rooms and a large indoor entertainment area measuring 40,000 to 100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness centers, themed restaurants, spas, supervised children’s activities and other amenities. Additional information may be found on the company’s website at www.greatwolf.com.
This press release may contain forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, including, among others, statements regarding Great Wolf Resorts' future prospects, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Great Wolf Resorts, Inc. and members of its board of directors and management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions.
|Also See:||Marc Vaccaro, the Co-founder of Great Wolf Resorts Inc., Resigns from the Company's Board / February 2006|
|John Emery, Great Wolf Resorts' CEO, Says Company Not for Sale / August 2006|
|Kimberly Schaefer Named Chief Operating Officer for Great Wolf Resorts / March 2005|