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TILLAMOOK, OR-Forum National Investments Ltd. says it has signed a letter of intent to acquire a log lodge and approximately 5,348 acres adjacent a state park on the Oregon Coast for $18.75 million. The Vancouver, B.C.-based company traded on the OTC Bulletin Board says it plans to use the property as a resort for its travel club.

The property is bordered by the Pacific Ocean and Tillamook Bay and is adjacent to Cape Mears Peninsula State Park. One of the property’s main features is a fully furnished 7,000-sf Swedish log lodge with views of the Pacific Ocean and Tillamook Bay. The company intends to develop the Oregon property as an eco-tourist destination resort and market the property via its 10,000 member Snowbird Vacations Travel Club and through its wholly owned subsidiary Intravelnet Inc. The lodge and land are being sold by Steven Stoelk and Tillamook Development LLC. The consummation of the acquisition is contingent on Forum’s ability, with the assistance of Stoelk, to arrange for appropriate financing. Upon completion of the acquisitions, tentatively scheduled for Oct. 31, 2003, Stoelk will join Forum’s board of directors.

Forum National Investments also announced this week it also signed another letter of intent to purchase Borrego Springs Resort in Borrego, CA for $ 23.2 million. The resort is a planned community consisting of approximately 3,120 acres located in San Diego County that includes a 27-hole golf course used for the annual PGA US Open Sectional Qualifying Tournament. The development, which is in various stages of completion, provides for the construction of a 350-room full service resort hotel and spa. Additionally, there are 1,100-plus remaining residential sites available for seasonal and full-time residence. Like the Tillamook property, the company believes that it will be able to market the property through its own travel club membership.

Forum National Investments, formerly known as inTRAVELnet.com, is in the business of developing, marketing and providing travel club, houseboat vacation club and fitness club memberships. It operates five travel club sales offices under the trade name Snowbird Vacations International, with locations in Calgary, Edmonton and Red Deer, Alberta; and Windsor and London, Ontario. The company also is preparing to launch an e-commerce website catering to the timeshare resort market.

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