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FOR IMMEDIATE RELEASE Aviawest Resort Group Victoria, BC, October 26, 2011 Aviawest Resort Group announces

s that, in an effort to restructure its operations, it obtained an initial order from the Supreme Court of British Columbia under the Companies Creditors Arrangement Act (CCAA) on Monday Oct. 24, 2011. The CCAA is a framework that protects businesses from creditor action in order to preserve value for both parties. Aviawest Resort Group will continue to operate during the time of restructuring, and present a restructuring plan in accordance with the CCAA. The order allows Aviawest Resort Group to pay all expenses incurred while carrying on the business after the date of the order, including goods and services. The ownership holdings of Aviawest's real estate customers and vacation club owners are unaffected. Grant Thornton LLP is the court approved monitor. In addition to reporting on Aviawest's financial affairs, the monitor will also be administering the claims process during which all creditors will have the opportunity to submit a claim supporting the amounts owed to them. We sincerely regret any hardship that individuals and businesses may experience due to these proceedings, said Aviawest Resort Group CEO Jim Pearson. Over the coming weeks and months, Aviawest will work to emerge from this process in a manner that maximizes the value returned to all stakeholders. Aviawest Resort Group, which has been in operation for 20 years, is a family-owned hotel and resort company that operates six properties in BC.

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