Okemo to Buy Crested Butte

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Ludlow, VT Oct. 31, 2003 -- Tim and Diane Mueller, owners of Triple Peaks, LLC and the owners of Crested Butte Mountain Resort, LLC have signed a Letter of Intent for the purchase and of Crested Butte Resort and all of its assets.

Triple Peaks and Crested Butte Resort are finalizing a Definitive Purchase and Sale Agreement, while Triple Peaks continues its Due Diligence. This process should take about 30 days, and the closing will occur between 30—45 days from the signing of the Purchase and Sale Agreement.

"Our vision for the future of Crested Butte Resort includes our commitment to place guest service and the overall quality of the recreational experience as a top priority," commented Tim Mueller. "We look forward to our involvement with Crested Butte Resort and the community, and see this as a unique opportunity for us to offer three of the country's finest resorts to our family of skiers and riders.

"My family has owned and operated Crested Butte Mountain for over 30 years, said Edward Callaway, chairman of the CBMR board of directors, "and we feel great about leaving the resort with the Muellers, whose reputation in the ski industry for service and innovation is unparalleled.