Great Wolf Resorts Says Company Not for Sale

Yesterday, the company received a letter from Hayground Cove Asset Management LLC, a shareholder, in which Hayground encouraged the company's Board of Directors to engage an investment banker to explore a sale of Great Wolf Resorts.

"Our board is mindful of its fiduciary responsibilities to act in the best interests of all shareholders," said John Emery, Great Wolf Resorts' chief executive officer. "Further, the board appreciates the interest that shareholders have in the company, and welcomes input from the company's shareholders. The board routinely discusses prospects for Great Wolf Resorts and the strategic direction of the company. As a result of recent consideration and discussion by the board, the company's independent directors unanimously believe that a sale of Great Wolf Resorts at this time is not in the long-term best interest of shareholders. The independent directors affirmed to me their confidence in the performance of the company's management, their belief in the value of the company's pipeline of potential development deals, and their optimism in the growth prospects for the company's Great Wolf Lodge brand. The independent directors believe that our recent financial results validate the company's business plans, and they are optimistic about the company's long-term growth potential."

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