Vertigo Continues Progress towards Opening
Press Release
Source: Vertigo Theme Parks, Inc.
On Wednesday June 24, 2009, 10:58 am EDT
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Companies:Vertigo theme parks
BOCA RATON, Fla.--(BUSINESS WIRE)--Vertigo Theme Parks, Inc. (Vertigo) (Pink Sheets:VTPK - News) a theme park company featuring Adrenaline Rush Adventures, today announced it continues to be persistent in its efforts towards opening its Vertigo Theme Parks-Buga later this year. These tough financial times probably make even the most optimistic person wince at the thought of starting a new business. That apprehension, though, may not be warranted. “An ugly economy doesn’t last forever,” reminds Jerry Merola, an ex-commercial banker and now chief financial officer of Amusement Entertainment Management LLC, in East Brunswick, New Jersey. Developing a Theme Park Destination from scratch can be a long process. From initial preparation to the first guests through the gates can run from 18 months to many years, says John Gerner, managing director of the Richmond, Virginia- based Leisure Business Advisors LLC. “Anything planned now is hopefully opening during the next up cycle,” he notes.
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{"s" : "vtpk.pk","k" : "c10,l10,p20,t10","o" : "","j" : ""} In fact, some analysts believe the economy appears poised to rebound. Some experts expect 2009 to be a bounce-back year. That surge and comeback would more than likely spill over into the entertainment industry. “There’s always risk in starting a new business, but often risk goes in relation to reward, attractions, like Theme Parks, when they’re done well and they’re popular, can be quite profitable,” stated Kevin Johnson, Vertigo’s CEO.
Experts all agree that a good Feasibility Study, Financial Plan and Partnering with the correct third parties makes the difference as to whether a new Theme Park Destination makes it or breaks it. “We believe Vertigo Theme Parks-Buga has all the ingredients needed for long term success. Our feasibility study shows we are directly on track with literally millions visiting the area already and tens of millions located with just a few hours flight time, the analysis shows clearly that the market opportunity exists, and that an opportunity is there. Partnering with Industry Leaders has provided a terrific opportunity to execute our financial plan and build tremendous share holder value, and thus we must remain patient and stay focuses at this time. We have also partnered with some of the best in the industry including Interactive Rides and Chance Morgan,” further stated Johnson.
About Vertigo Theme Park-Buga
Vertigo Theme Park-Buga is located in Estancia which is located only two miles from the famous pilgrimage city of Buga, Colombia. This old city serves as a pilgrimage center for over 2 million visitors a year that arrive from the different towns and cities of Colombia and the rest of the South and Central American to visit the Basilica de Buga, home to the sacred shrine "EL Senor de Los Milagros". In Buga, besides the visit to the Basilica, there are currently few other activities for visitors. Vertigo Theme Park-Buga will serve as the new tourist magnet to keep visitors in the area.
Vertigo Theme Park-Buga will see the launch of a new kind of Theme Park, a "Mixed-Use Development", combining many diverse elements in a synergetic fusion. The site will occupy more than 200 Hectares of land. Vertigo Theme Park-Buga will be a Theme Park of international standard, a driving force generating a high profile and the capacity to attract from an immediate demographical area of 5 million people that reside within a three-hour radius, 20 million that reside within five hours and 200 million that reside in the surrounding countries. The Park has been built to handle a maximum capacity of 12 million visitors per year.
A series of other commercial enterprises compliment the park. The entrance to the park lies with a unique far east style shopping center which encompasses more than 70 retail locations and 90,000 square feet of casino and gaming space for kids and adults. The concept envisions a mix of elements within the building. Their relative dimensions and the logistics of their harmonious coexistence working together seamlessly. Vertigo Theme Park-Buga will also serve as our "prototype" model which Vertigo will fine-tune, it is a dynamic blend of relaxation and entertainment all influenced by some of the most interesting and successful international architecture and cultures in history.
Colombia's population is estimated at 44 million with a population growth rate of 1.5% per year. About one quarter of the population lives in rural areas. Natural resources are plentiful, and include agricultural land, water for irrigation, energy resources (oil, natural gas, and coal), and minerals such as nickel, gold, and emeralds. Colombia has a significant advantage in terms of its location: it is close to North America with coasts on both the Pacific and Atlantic Oceans. A wealth of physical resources, a literate and dependable work force, a robust private sector, competent macroeconomic management, and political stability are major factors that have explained Colombia's good record of economic development and social improvements over the last 30 years. Colombia is considered a medium-sized country in northern South America, sharing borders with Venezuela, Panama, Ecuador, Peru, and Brazil. Colombia’s economy improved markedly in 2006, due largely to recovering coffee prices and President Alvaro Uribe’s strict financial policies. There was increased foreign direct investment in the Colombian economy in 2005 and 2006, improving the major economic indicators by an impressive 4 points. President Uribe’s economic and security policies continued to gain approval from Colombians and he was granted the right to run for a second term by a constitutional court. Besides fitting all the criteria of our business model Colombia was chosen as the first park location for many other reasons, some of the additional reasons are;
First park in South America built to a global standard
There is an estimated 22 million people in Colombia under the age of 25
Colombia has been nicknamed the “Happiest Country in the World”
Colombians are known to spend 16% of the gross income per year on entertainment
Colombia moves holidays to facilitate long weekends, 15- 3 day weekends per year, 3 holidays that last 1 week or longer.
The area chosen in Colombia already has over 2 million people visiting per year
Colombia is currently undergoing a massive updating to its highway systems
Vertigo Theme Park-Buga will feature “Vertigo Force”, a roller coaster which creates a tremendous thrill and Adrenaline Rush for its riders while setting two world records. The first record; “fastest launch coaster in the world”. After leaving the loading station Vertigo Force launches via a Stored Energy Source which is powered by a Pneumatic Air System, up 320 feet at over 100 MPH, crest the mountain top and creating a feeling of zero gravity. Vertigo Force then accelerates down the mountain side at over 130 MPH. Vertigo Force has four areas of zero gravity and sets a second world record in its length, which is more than 8,500 feet. After twisting, turning, inverting and then coasting the remaining track which loops the park twice the roller coaster remains at over 60 miles per hour as it enters the loading station. Even the ending creates an Adrenaline Rush. The coasters capacity is 1,200 per hour on 35 second dispatches. There will be four vehicles. Vertigo Force was custom designed by Interactive Rides, Inc. to lie unobtrusively within the mountainous range where it is installed. Vertigo Force actually uses the natural terrain to add to its Adrenalin Rush, making it the first roller coasters of its kind.
Vertigo Theme Park-Buga also features the “Frequent Faller”. This coaster lifts a 4-passenger vehicle vertically to a 100 foot height where the passenger cart heads straight out from the vertical center of the ride down the track and drops suddenly 20 to 30 feet, then goes backward or around the vertical center of the ride where at some unknown point the ride drops again suddenly. This is repeated again and again as the vehicles moves its way down the “Frequent Faller” coaster track. This coaster is unique because it takes up a small footprint, yet offers multiple free fall drops as it winds its way down the coaster track. Another important feature of this ride is that the passengers always remain face up, and do not go upside-down at any point during the ride. The passenger vehicle pivots as it drops and rotates throughout the ride. This ride offers the excitement of a traditional ride with the high thrills of a major coaster and drop towers!
Vertigo Theme Park-Buga will also have a family coaster which will stand at more than 150 feet high and travel over 2500 feet of track. The Parks fourth Thrill Ride is a “Launch Tower” which launches straight up 185 feet and is programmable to be powered in both up and down directions. There is a Chance Double Decker Merry-go-Round and the Chance Revolution 32 Pendulum Ride. All together the Park will feature 17 rides for all ages and likes.
Vertigo Theme Park-Buga will also feature an Eco-Equestrian Center named “Plaza De Toros” featuring daily Andalusia Horse Shows, a performing arts center named the “Can Can” which conducts shows by performers from different cultures around the world. There will be daily bird shows featuring parrots. There are many more attractions planned for the Park including a concert stage and reality shows.
Vertigo Theme Park-Buga will create a large social economic impact on Colombia. The park will ultimately add many thousands of jobs to the countries work pool. It is our belief that these jobs will aid in Colombia’s economic recovery and will provide jobs in much needed rural areas. The project will also provide temporary jobs in the US regions where the roller coasters and other rides are being manufactured. The project will provide more than 40 million dollars in economic benefit to those areas.
Vertigo Theme Park-Buga received final approval of its entire plan from the Municipal Government of the City of Guadalajara De Buga in July of 2007 and is planning for a grand opening in later 2009 or early 2010.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
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