CGP has agreed to acquire up to 100 percent of the outstanding stock of UPCM in a two-step transaction.
UPCM has previously announced its plans to proceed with the development of the 1,655-acre Flagstaff Mountain Resort and the 1,700-acre Bonanza Mountain Resort projects.
UPCM plans to continue implementing its business plan during the contract period, and CGP has stated its intention to continue the general business direction of UPCM after the closing.
All forward-looking statements included in this news release are made as of the date hereof and are based upon information available to UPCM as of such date.
UPCM has filed applications with Wasatch County for master plan approval of the Bonanza Mountain project.
UPCM built the first skiing facility at the Park City Mountain Resort in 1964, and has been a community benefactor and active force in the Park City community for over a century sponsoring and contributing to various public events and charities including the annual Miners' Day and the Olympics.