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Bluegreen Corporation Appoints Paul Humphrey Vice President, Finance and Capital Markets

^{Published on 2010-09-29 06:25:13 - Market Wire}
 

BOCA RATON, Fla.--([ BUSINESS WIRE ])--Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play^®, today announced the appointment of Paul Humphrey as Vice President, Finance and Capital Markets. Mr. Humphrey brings more than 17 years of experience to his role, including an extensive background in securitizations and performance analysis.

"I am excited to join Bluegreen during this period of change and opportunity. I feel fortunate to be joining an organization with a strong, visionary management team, and an established industry presence. I look forward to contributing to our continued growth and success."

Tony Puleo, Bluegreena™s Senior Vice President and Chief Financial Officer, commented, aPaula™s appointment reflects Bluegreena™s commitment to strengthening our capital markets presence. Our new business model is having a positive impact on our operations; and while we believe we are less reliant on the credit markets than we were in the past, we believe that this important addition to our team will allow us to enhance and better execute our finance strategy. Paul is a proven financial executive, and his addition will allow us to more actively pursue opportunities with current and new lenders as we seek to expand and diversify our sources of liquidity.a

Mr. Humphrey stated, aI am excited to join Bluegreen during this period of change and opportunity. I feel fortunate to be joining an organization with a strong, visionary management team, and an established industry presence. I look forward to contributing to our continued growth and success.a

Mr. Humphreya™s background includes more than 14 years in the Asset Based / Mortage Based Securities product groups at Salomon Brothers/Citigroup and CS First Boston, where he successfully developed financing alternatives for multiple consumer asset classes such as timeshare, manufactured housing and non-agency mortgage. He was also President and Founder of PGH Consulting, LLC, which was focused on areas such as credit restructuring and asset valuation. Mr. Humphrey has spoken at conferences and events discussing consumer financing, including the American Resort and Development Association (ARDA) 2010 Convention and Exposition.

ABOUT BLUEGREEN CORPORATION

Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (NYSE:BXG) is the leader in providing Colorful Places to Live and Play^® through its vacation ownership resort and residential real estate businesses. Bluegreen Resorts manages, markets and sells the Bluegreen Vacation Club, a flexible, real estate-based vacation ownership plan with more than 160,000 owners, over 55 owned or managed resorts, and access to more than 4,000 resorts worldwide. Bluegreen Communities has developed master-planned residential and golf communities primarily in the southern and southeastern U.S., and has sold over 55,000 homesites. We also offer a portfolio of comprehensive, turnkey, fee-for-service resort management, financial services, customer generation and sales solutions to third-party developers and lenders. For more information, visit [ www.bluegreencorp.com ].

Statements in this release may constitute forward looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Forward looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, credit market, competitive and other factors affecting the Company and its operations, markets, products and services, as well as the risk that the Companya™s strategic initiatives are not maintained successfully, and do not have the expected impact on the Companya™s financial position, results of operations, liquidity and credit prospects; the Company may not be successful in its attempts to refinance or restructure outstanding debt, or secure new financing sources; the Company may not be able to obtain or diversify its liquidity sources; the Company may not be able to successfully securitize additional timeshare loans or obtain adequate receivable-backed credit facilities in the future; and risks and other factors detailed in the Companya™s SEC filings, including its most recent Annual Report on Form 10-K filed on March 31, 2010, and most recent Form 10-Q filed on August 6, 2010.