Panorama Homeowners and Local Business People Come Together to Purchase Panorama Mountain Village

Intrawest and a newly formed company, Panorama Mountain Village Inc. (Panorama Inc.) announced today that they have entered into a definitive asset purchase agreement that will enable Panorama Inc. to purchase Intrawest’s interests in Panorama Mountain Village. The transaction will include the resort’s on-mountain and Nordic ski operations, a 50% ownership position in the Greywolf Golf Course, all of Intrawest’s commercial operations and lodging units in the village and the land available for real estate development. The transaction is anticipated to close in February 2010, pending regulatory approvals.

This winter season it is business as usual at Panorama Mountain Village. Once the transaction is finalized Intrawest and Panorama Inc. have committed to work together to ensure a smooth transition of ownership and all vacation reservations, season pass and card products will be honoured for the 2009-2010 winter season. In addition, vacation packages and passes will continue to be available online at www.skipanorama.com.