March 30, 2007 

FOR IMMEDIATE RELEASE 

PURCHASE OF PORONUI RANCH IN NEW ZEALAND COMPLETE 

Tuscaloosa, Ala. – Though it has been managed by Westervelt Sporting Lodges (WSL) since its sale was negotiated over a year ago, Poronui Ranch, on New Zealand’s North Island, was officially added to the roster of company-owned and operated properties following its escrow close today.     

The property spans over 16, 000 acres near the resort town of Taupo, and is internationally-renowned for its rainbow and brown trout fishing, as well as its red stag, sika, rusa, and sambar deer hunting.  In addition to angling and hunting, other outdoor pursuits such as sporting clays, horseback riding, bicycling and helicopter tours are offered at the four-star lodge.     

Foreign investors in New Zealand must submit a formal application to the Overseas Investment Office (OIO) for the purchase of land larger than 10 acres.  This application addresses a multitude of land-use questions and concerns, ensuring New Zealand’s high standards for the environment and designated public access are upheld.  A sale cannot close until OIO approval is granted.         

WSL’s OIO application was approved March 24, 2007.       

“We are pleased to have formally acquired Poronui Ranch,” said WSL vice president Alicia Cramer.         

“It is an amazing property with an international reputation for exceptional outdoor recreation pursuits, and this is something we intend to perpetuate,” she said.       

Poronui Ranch is the second New Zealand property acquired by WSL.  Glazebrook Station, a 23,000 acre property located on New Zealand’s South Island in the Marlborough region, received OIO approval in August, 2006.

With a property on each Island, WSL is the first outdoor recreation company to grant access to the entire country of New Zealand.

More information on Westervelt Sporting Lodges can be found at www.westerveltlodges.com.

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