Several key employees have purchased, in varying portions, the majority of Perry Snyderman�s interest in Shell Vacations LLC. Ginsburg and his Family Trust remain the majority shareholder of Shell Vacations with the new owners now holding a substantial interest in the company.  "I am delighted that these Shell family executives have stepped up to the plate and have chosen to become our partners. Their investment in Shell speaks to their commitment, loyalty and enthusiasm about the future and where we are headed as an organization." said Sheldon Ginsburg, Shell�s Chief Executive Officer.

"From an operational standpoint, nothing really changes," stated Ginsburg. 
"Our senior executives will retain their primary areas of responsibilities.  Naturally, their ownership will result in a more focused eye for the bottom line profitability of the company. As a result of this renewed focus on profitability, we have already implemented several significant changes in how we conduct business. I expect more of these changes to be implemented as my new partners and I focus on becoming both more effective and efficient." 

Since converting from a traditional interval-based product to a points-based system in 1999, Shell continues to experience dramatic growth and efficiencies with respective net sales volumes of $42 million in 1999, $70 million in 2000; and $117 million in 2001. The company is on track to exceed $140 million in net sales in 2002. 

Shell Vacations currently has 14 resorts located in Phoenix, Scottsdale, and Tucson, Arizona; San Diego, Anaheim and San Francisco, California; Kona and Kauai, Hawaii; and Barrie, Ontario, Canada. In addition, Shell has Off-Site Preview Centers located in Santa Fe, New Mexico; San Diego, California; Seattle, Washington; Niagara Falls, Canada; and Chicago, Illinois.