Steiner Leisure Limited Announces Letter Of Intent To Acquire The Assets Of The Onboard Spa Company
NASSAU, The Bahamas, Dec. 6, 2010 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR) today announced entry into a non-binding letter of intent to purchase the assets of The Onboard Spa Company Limited ("Onboard"). Onboard, which Steiner believes to be its principal competitor in the shipboard spa business, provides spa services and sells spa products on a number of cruise lines, including P&O Cruises. Steiner is currently in negotiations with Onboard toward execution of a definitive purchase agreement.
In connection with any definitive agreement, it is anticipated that the principal owners of Onboard would enter into consulting and non-competition agreements with Steiner, and that certain indirect shareholders of Onboard, who had previously been involved in the shipboard spa business, would be subject to non-competition agreements.
Steiner has begun negotiations with cruise lines served by Onboard to serve their vessels, assuming the closing of this transaction.Leonard Fluxman, President and Chief Executive Officer of Steiner, said, "We believe that this agreement would further strengthen our relationships with the cruise line industry and we would look forward to serving on this new group of vessels once all arrangements have been finalized." Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include shipboard and land-based spas and salons. We provide our services on 138 cruise ships and at 70 land-based spas. Our land-based spas include resort spas, urban hotel spas and day spas and are operated under our Elemis(R), Mandara(R), Chavana(R), Bliss(R) and Remede(R) brands. In addition, a total of 29 resort and hotel spas are operated under our brands by third parties pursuant to license agreements with the Company. Our cruise line and land-based resort customers include Carnival Cruise Lines, Celebrity Cruises, Crystal Cruises, Harrah's Entertainment, Hilton Hotels, Holland America Line, InterContinental Hotels and Resorts, Kerzner International, Loews Hotels, Marriott Hotels, Nikko Hotels, Norwegian Cruise Line, Planet Hollywood, Princess Cruises, Royal Caribbean Cruises, Seabourn Cruise Lines, Sofitel Luxury Hotels, St. Regis Hotels, W Hotels and Westin Hotels and Resorts. Our award-winning Elemis, Bliss and Remede brands are used and sold in our cruise ship and/or land-based spas and are also distributed worldwide to exclusive hotels, salons, health clubs, department stores and destination spas. Our products are also available at www.timetospa.com and www.blissworld.com . Steiner Leisure also owns and operates five post secondary schools (comprised of a total of 17 campuses) located in Miami, Orlando, Pompano Beach and Sarasota, Florida; Baltimore, Maryland; Charlottesville, Virginia; York, Pennsylvania; Salt Lake City and Lindon, Utah; Las Vegas, Nevada; Tempe and Phoenix, Arizona; Westminster and Aurora, Colorado; and Groton, Newington and Westport, Connecticut. Offering degree and non-degree programs in massage therapy and, in some cases, skin care, these schools train and qualify spa professionals for health and beauty positions within the Steiner family of companies or other industry entities.
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