FUNDING SECURED FOR CONSTRUCTION OF THE RON JON SURFPARK

World’s First Surf Facility to Open Next Year at Festival Bay Mall in Orlando.

ORLANDO, Fla., – May 18, 2005 – Surfparks LLC, Ron Jon Surf Shop, B.T. Orlando LP, and Belz Enterprises are pleased to announce the securing of over $9 million in funding to complete construction and open the Ron Jon Surfpark. The Ron Jon Surfpark will be an anchor attraction at Festival Bay Mall, located on International Drive in the heart of Orlando, Florida’s entertainment district. Construction of the Surfpark is expected to begin this summer, with a grand opening planned for mid 2006.

The Ron Jon Surfpark is the world’s first wave pool facility built specifically for surfing and bodyboarding, and will include three innovative Surf Pools to accommodate all levels of wave-riding enthusiasts–from first-timers to world champions.

“We are thrilled to reach this milestone after over 5 years of dedication to the project,” says Surfparks founder and CEO Jamie Meiselman. “This would not have been possible without the vision of countless advisors, investors, partners, and future guests, who have shown tremendous commitment to the project. On behalf of my co-founders Doug Kirk and Nick Behunin, and our technology partners, Aquatic Development Group and Surf Pools Ltd., we want to thank all of those people for their passionate support of this dream.”

The center stage of the Ron Jon Surfpark is the Pro Surf Pool, which utilizes patented technology to create perfect, salt-water waves up to 8 feet high. As large as a football field, the Pro Surf Pool can generate up to 6 waves per minute, with ride lengths from 60-100 yards. A computer-adjustable Versareef™ pool floor allows nearly infinite variety of left and right-breaking wave shapes and includes pre-programmed bottom contours that mimic some of the best natural surf breaks in the world. The Pro Surf Pool is designed for use by experienced surfers and bodyboarders who are confident in overhead surf.

Aspiring surfers and bodyboarders will also enjoy tailor-made facilities at the Surfpark, including a professionally-staffed Surf School offering group and private lessons, and a Training Pool with slow rolling 3-5 foot waves for up to 35 yards. The Training Pool also features the Versareef™ floor to deliver a diverse menu of wave shapes covering first-time beginners right up to intermediates preparing to step up to the Pro Surf Pool. A third Boogie Pool will pump out a steady stream of peeling 3-footers, offering an easy introduction to the thrill of riding waves.

Out of the water, the Surfpark features a fully-stocked surf shop and full-service restaurant, both operated by Ron Jon. “We’re pleased to see the new Ron Jon Surfpark project getting underway,” said Ed Moriarty, president of Ron Jon Surf Shop. “It’s a natural extension of the Ron Jon brand, as we can now offer consistently perfect waves as part of the Ron Jon experience.”

Ample space and seating has been designed throughout the facility for up-close and unobstructed viewing of the action in the Surf Pools. The 100,000 square foot Surfpark can accommodate nearly any size event, from an 8-child birthday party in the poolside VIP Suites to a full-blown concert, surf-movie premiere, or world-class televised surf event.

The Surfpark is a natural fit for Festival Bay, which has already established an action-sports foothold with its successful indoor/outdoor Vans Skatepark and 14,000 square-foot Ron Jon Surf Shop. “The addition of Ron Jon Surfpark, coupled with the other one-of-a-kind anchor destination tenants at Festival Bay Mall at International Drive, will ensure that the property will be the premiere destination for locals and tourists, alike,” said Andrew J. Groveman, senior vice president of B.T. Orlando LP, owner and developer of Festival Bay Mall at International Drive.

Contact Information

Surfparks LLC, info@surfparks.com

Heather Lewis, Ron Jon Surf Shop, (321) 799-8880, ext. 1049, heatherl@rjss.com

Carla Parks, Gilbert & Manjura Marketing, (407) 521-1568, cparks@gilbertmanjura.com

About Surfparks

Surfparks was formed to develop and operate the world’s first and finest wave riding facilities utilizing proprietary technology to create perfect surf in a pool. The Ron Jon Surfpark is owned/operated by Surfpark Holdings, LLC and its subsidiaries. Surfpark waves are powered by our technology partners: Aquatic Development Group and Surf Pools Ltd. Visit Surfparks at: www.surfparks.com.

About Ron Jon Surf Shop

Ron Jon Surf Shop was founded in 1961 when surfing enthusiast Ron DiMenna began selling surfboards at his tiny oceanside shop in Long Beach Island, N.J. The lifestyle-apparel and board-sports-equipment retailer has since opened stores in Cocoa Beach, Ft. Lauderdale, and Orlando Fla., and Orange, Calif. The company’s flagship store in Cocoa Beach is the world’s largest surf shop. It operates 24 hours a day, 365 days a year. Visit Ron Jon Surf Shop online at: www.ronjons.com.

About Festival Bay Mall at International Drive

Festival Bay Mall at International Drive, a venture of B.T. Orlando Limited Partnership, is a lifestyle retail and entertainment establishment. The property is unique in that each of the anchor tenants is one-of-a-kind to the Orlando market and not a typical mall department store. Tenants include Bass Pro Shops Outdoor World, Cinemark 20 movie theatres, Vans Skatepark, Steve & Barry’s University Sportswear, Sheplers Western Wear, Ron Jon Surf Shop, Fuddruckers restaurant and Murray Bros. Caddyshack. The complex’s elegant tropical design, featuring intricate mosaic tiles and a series of inter-connected walkways and plazas around a created waterfront, reflects an upbeat Florida lifestyle. Located in the heart of Orlando’s visitor district, Festival Bay Mall at International Drive has become a regional center for residents and a vacation destination for visitors to relax, shop, and have fun.

About Belz

Headquartered in Memphis, Tennessee, Belz is a leading innovator in real estate development with interests throughout the Southern United States. Belz develops, owns and/or manages more than 30 million square feet of industrial/warehouse/distribution centers, shopping centers, office buildings, mixed-use centers and corporate campuses. The company also owns a group of premier hotels, including The Peabody hotels in Memphis, Orlando and Little Rock. Visit Belz online at: www.belz.com.

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