Skyline International Buys Horseshoe Valley Resort-Forms Largest Four Season Resort Community in Canada

Market Wire, July, 2008

Skyline International Development Inc., a privately held corporation with extensive commercial, residential, hotel, recreational and media holdings in Ontario and Quebec, today announced completion of the acquisition of Horseshoe Valley Resort, one of Ontario's largest year-round recreation properties. The Ontario resort was purchased by Skyline for $37 million.

"The strategic acquisition when combined with Skyline's existing Port McNicoll project on nearby Georgian Bay will result in the creation of the largest full-service, year-round, master-planned recreational destination in Canada," says Gil Blutrich, Skyline founder and president. An added bonus is the proximity to Toronto - just an hour away.

"The acquisition is a natural fit with the 825-acre, master-planned waterfront community we already have underway in Port McNicoll," he says. "The addition of Horseshoe Valley with its ski hills, trails and pair of world-class golf courses gives us an extraordinary opportunity to offer both Canadians and foreign residents a year-round resort village."

Port McNicoll ( www.portmcnicoll.ca ) sits on 825 acres fronting 10 km on South Georgian Bay on land that was formerly the home base for CP Rail's Great Lakes shipping operations. Now under development as a master-planned, year-round resort community with 60% of the first phase already sold prior to officially launching the project, it will include a variety of residential housing, a marina, an elegant hotel, restaurants, shops, a private yacht club and more than 400 acres of natural preserved wetlands. Port McNicoll includes four magnificent bays, among them the second largest historic harbour in the province and with its deep water, offers some of Ontario's best boating and fishing.

Horseshoe Valley Resort ( www.horseshoeresort.com ) includes 688 acres of land, 23 ski runs, 35 kilometres of cross country trails, two established golf courses ranked in the top 50 in Canada, 8,000-square-feet of executive meeting and banquet facilities, a 102-room hotel and spa and related operations. Skyline plans to retain all existing employees and current management, says Mr. Blutrich.

The property also offers future development opportunity for up to 937 new homes as well as retail and commercial space.

"Both communities are no more than 20 minutes drive apart and each compliments the other," adds Ram Dinary, chief executive officer. "Port McNicoll has the splendors of Georgian Bay while Horseshoe the joys of the ski hills in the heart of Ontario's world renowned cottage country."

"There is enormous pent-up demand not just among the residents of Ontario but also among foreign markets for second and even first homes in this area, known globally for its natural beauty and tremendous range of recreational activities," adds Mr. Dinary. "Baby boomers see the benefits of the proximity to both Midland, just 5 minutes away and Barrie, just 10 minutes both of which offer all the services one may need. In addition, the appeal of a full service, four season resort community literally within commuting distance from Toronto is very attractive."

Skyline International Development Inc. has a proven track record in both real estate development and the hospitality industry through previous projects. On the hotel side its holdings and management include Toronto's Pantages Suites Hotel & Spa ( www.pantageshotel.com ) and the award-winning Cosmopolitan Toronto Hotel & Spa ( www.cosmotoronto.com ) which is the only hotel in Canada listed in the top 60 hotels in the world by Conde Naste Magazine and was recently recognized by Expedia in the top 1% of hotels in the world.

Skyline is currently planning a new office, hotel and residential tower on one of the last skyscraper sites in a key downtown Toronto location.

Skyline's expertise is spread across four main areas: revenue producing properties, hotels and resorts, development, and asset management ( www.skylineinvestments.com ).

For information about Port McNicoll visit www.portmcnicoll.ca .

For information about Horseshoe Valley resort visit www.horseshoeresort.com/media .

Contacts: Media Contact: Vicbar Marketing Limited Vicki Griffiths (416) 510-0073 Email: vgriffiths@vicbarmarketing.com Montana Ridge Enterprises Parmjit Parmar (416) 750-0966 Email: parmjit@montanaridge.com