WEF Inc. to Buy Controlling Interest in Vail Associates Inc.

Vail Associates Inc., owner and operator of Vail and Beaver Creek ski resorts, has announced that WEF Inc. has signed a conditional contract to purchase controlling interest in it, with closing to occur later this summer after satisfaction of contingencies.

The buyer will purchase the stock held by Goliad Oil & Gas Co., principal Vail Associates stockholder, paying $34 7/8 per share for 700,769 shares of common stock and $2.5 million for 500 shares of preferred stock, and proposes to acquire the remaining common stock at the same price per share.

WEF Inc. said it proposes to keep the present organization intact. The company is a Colorado corporation controlled by European Ferries Group Inc., Bill L. Walters and Nick Hackstock. The publicly held United Kingdoms company owns the Denver Technological Center and Meridian International Business Center in Denver.