SPOKANE, Wash., April 16, 2012 (GLOBE NEWSWIRE) -- Ambassadors Group, Inc. (Nasdaq:EPAX) (the “Company”), a leading provider of educational travel experiences, today announced that it is publicly listing for sale its corporate headquarters in Spokane, Washington. The Company’s real estate broker, Goodale & Barbieri Company, is assisting in the promotion, marketing and sale of the building.
Under a plan approved by Ambassadors Group’s board of directors and management team, the Company is pursuing the sale of its 133,000 square-foot facility and the surrounding property. Once the sale is completed, the Company expects to relocate the headquarters to a smaller, leased location in Spokane, Washington.
“Our current building is a beautiful facility, and the campus made sense for us when we began construction in 2006,” said Jeff Thomas, President and CEO of Ambassadors Group. “However, given the scope of our current business, we engaged Goodale & Barbieri Company in April of 2011 to help us look for ways to creatively use the space and maximize the value of the property. Over the last year we actively sought tenants for part of the space, looked at sale-leaseback opportunities, and rented to a third party a portion of our light manufacturing floor space that was shut down when we outsourced our printing operations. Our advisors have also been working on helping us position the property for sale.”
Mr. Thomas continued, “We believe the Spokane real estate market has begun to stabilize and we are confident that now is the right time to publicly market the building as we have already received some initial indications of interest. The sale of the corporate headquarters is consistent with actions we have taken to right size our business and would enable us to monetize an underutilized asset and strengthen the Company’s financial condition. We will continue to maintain our strong presence in Spokane and remain an active member of the community.”
The Company expects that a sale would result in a significant cash transaction and an ongoing reduction in facility costs, maintenance expense, and depreciation. The amount of the impact will depend on the ultimate sales price and the terms of any lease of new space. The facility is located at 2001 South Flint Road in Spokane, Washington right near the Spokane International Airport.
Questions regarding this matter should be directed to Anthony Dombrowik, Senior Vice President and Chief Financial Officer for Ambassadors Group, Inc. at (509)568-7800. Inquiries of interest about the building can be directed to David Peterson of Goodale & Barbieri Company at (509)999-9320 or dpeterson@g-b.com.
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