Vertigo Announces, "Colombia - The Right Location"
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BOCA RATON, Fla.--(Business Wire)-- Vertigo Theme Parks, Inc. (Vertigo) (Pink Sheets:VTPK), a theme park company featuring Adrenaline Rush Adventures, today announced a Feasibility study conducted shows this its Vertigo Theme Park-Buga is very much on track with its plan to build in Buga. Vertigo Theme Park-Buga is located in Estancia which is located only two miles from the famous pilgrimage city of Buga, Colombia. This old city serves as a pilgrimage center for over 2 million visitors a year that arrive from the different towns and cities of Colombia and the rest of South and Central America to visit the Basilica de Buga, home to the sacred shrine "EL Senor de Los Milagros." In Buga, besides the visit to the Basilica, there are currently few other activities for visitors. Vertigo Theme Park-Buga will serve as the new tourist magnet to keep visitors in the area. Vertigo Theme Park-Buga will see the launch of a new kind of Theme Park, a "Mixed-Use Development," combining many diverse elements in a synergetic fusion. The site will occupy more than 200 Hectares of land. Vertigo Theme Park-Buga will be a Theme Park of international standard, a driving force generating a high profile and the capacity to attract from an immediate demographical area of 5 million people that reside within a three-hour radius, 20 million that reside within five hours and 200 million that reside in the surrounding countries. The Park has been built to handle a maximum capacity of 12 million visitors per year. Colombia's population is estimated at 44 million with a population growth rate of 1.5% per year. About one quarter of the population lives in rural areas. Natural resources are plentiful, and include agricultural land, water for irrigation, energy resources (oil, natural gas, and coal), and minerals such as nickel, gold, and emeralds. Colombia has a significant advantage in terms of its location: it is close to North America with coasts on both the Pacific and Atlantic Oceans. A wealth of physical resources, a literate and dependable work force, a robust private sector, competent macroeconomic management, and political stability are major factors that have explained Colombia's good record of economic development and social improvements over the last 30 years. Colombia is considered a medium-sized country in northern South America, sharing borders with Venezuela, Panama, Ecuador, Peru, and Brazil. Colombia`s economy improved markedly in 2006, due largely to recovering coffee prices and President Alvaro Uribe`s strict financial policies. There was increased foreign direct investment in the Colombian economy in 2005 and 2006, improving the major economic indicators by an impressive 4 points. President Uribe`s economic and security policies continued to gain approval from Colombians and he was granted the right to run for a second term by a constitutional court. Besides fitting all the criteria of our business model Colombia was chosen as the first park location for many other reasons, some of the additional reasons are: * First park in South America built to a global standard * There is an estimated 22 million people in Colombia under the age of 25 * Colombia has been nicknamed the "Happiest Country in the World" * Colombians are known to spend 16% of the gross income per year on entertainment * Colombia moves holidays to facilitate long weekends, 15-3 day weekends per year, 3 holidays that last 1 week or longer. * The area chosen in Colombia already has over 2 million people visiting per year * Colombia is currently undergoing a massive updating to its highway systems Vertigo Theme Park-Buga will create a large social economic impact on Colombia. The park will ultimately add many thousands of jobs to the country's work pool. It is our belief that these jobs will aid in Colombia`s economic recovery and will provide jobs in much needed rural areas. The project will also provide temporary jobs in the US regions where the roller coasters and other rides are being manufactured. The project will provide more than $40 million in economic benefit to those areas. Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise. Vertigo Theme Parks, Inc., Boca Raton Kevin Johnson, 561-368-4700 Ext 6 Copyright Business Wire 2009
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