Recent News /23 March 2007

23 March 2007
HEMLOCK VALLEY SKI RESORT UPDATE - March 23, 2007

Attention All 2005 Ski Pass Holders

We are writing to advise that you may have a claim in the bankruptcy of Hemlock Valley Resorts Inc. and their associated companies. You will have a claim in the bankruptcy if you have paid for a 2005 seasons pass and have not recovered those funds from another source (i.e., refund from a credit card company).

We are preparing to pay a dividend out of the estate to the proven claims of the unsecured creditors. If you wish to file a proof of claim please downloand and fill out the proof of claim form below and either fax or mail to:

Please note that we require these proofs of claim to be filed by April 30, 2007.
Proof of Claim Form    (45 KB)

If you have any questions or require assistance in filling out the proof of claim please contact Fred Kohlberg at 604-608-6246.

HEMLOCK VALLEY SKI RESORT UPDATE - September 19, 2006

On September 19, 2006 the Court approved the sale of Hemlock Valley Ski Resort for
$3 million. The sale of the resort is scheduled to complete on or before October 16, 2006.

HEMLOCK VALLEY SKI RESORT UPDATE - July 10, 2006

The Receiver listed the resort and related properties for sale with Cushman & Wakefield LePage ("Cushman") under a multiple real estate listing agreement on May 1, 2006. Cushman has marketed the Resort extensively through a variety of methods including:

• Sending out an information brochure to potential interested parties worldwide.
• Advertising in both local and international newspapers.
• Advertising on their website.
• A detailed information package that has been sent to qualified investors.
• Contacting numerous parties worldwide including developers, financers, resort property owners, and private business.

HEMLOCK VALLEY SKI RESORT

On May 1, 2006 The Bowra Group Inc. was appointed Receiver-Manager of Hemlock Valley Ski Resorts Inc. and related companies. Hemlock Valley Ski Resort is located in the north eastern Fraser Valley approximately 120 kilometers east of Vancouver, BC. The mountain has 34 ski runs and approximately 300 acres of land.

We have listed the property for sale with Cushman & Wakefield Lepage. A summary of the property is shown below:
Hemlock Valley Ski Resort   (176 KB)

For further information or if you have any questions please contact:
Bill Randall of Cushman & Wakefield Lepage by phone at (604) 608-5967 or email bill.randall@ca.cushwake.com
or
Doug Chivers at (604) 608-6243 or email dchivers@bowragroup.com
or
David Bowra at (604) 608-6240 or email dbowra@bowragroup.com.