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EXHIBIT II
CONTACT: Laure Kesner: 781-239-1030
[email protected]
HEALTH DEVELOPMENT CORPORATION ACQUIRED BY
NEW YORK-BASED TOWN SPORTS INTERNATIONAL
Owner/Operator of More Than 100 Fitness Clubs on the East Coast
Purchases Greater Boston's Largest Chain
WAKEFIELD, MA, July 13, 2000 - Health Development Corporation (HDC) and its
Greater Boston Fitness Advantage Clubs have been acquired by Town Sports
International (TSI), New York, New York. TSI now operates more than 100 fitness
clubs on the East Coast, including six Boston Sports Clubs in Greater Boston, as
well as New York Sports Clubs, Philadelphia Sports Clubs, and Washington Sports
Clubs. In addition, TSI currently has eleven clubs under development.
Since 1983, HDC has grown into greater Boston's leading independent
provider of health and fitness. Similarly, TSI has become the premier provider
of health and fitness along the East Coast.
"The combination of HDC and TSI will bring significant benefits to our
nearly 25,000 members and 750 staff," said Paul Couturier, President and CEO of
HDC. When we began to talk to senior management at TSI, it was clear that we had
common goals to exceed the accepted standards in health and fitness. By bringing
our companies together, we can achieve the synergies necessary to reach those
goals. Our combined resources and experience will enable us to move to the next
level of quality fitness and expand our opportunities throughout Greater Boston
and to other parts of New England."
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According to Mark Smith, CEO of TSI, "We have recognized a kindred
company philosophy and vision as well as a similar culture that will be easy to
integrate into the TSI network. We look forward in unison to providing an
outstanding service to a vibrant and growing clientele. We have become the
dominant player in the New York, New Jersey and Connecticut tri-state market
with over 70 clubs and we anticipate similar success in Greater Boston."
HDC's Fitness Advantage Clubs -- including Sky Club, Boston; The
Colonial Club, Lynnfield; The Ferncroft Club, Danvers; The Framingham Club; The
Franklin Club; The Lexington Club; The Wellesley Center; and The Royal Ridge
Club, Nashua, NH--- will be renamed Boston Sports Clubs. Additionally, TSI will
undertake a major renovation of the Rolling Green Tennis Center in Andover and
anticipates opening it as a new Boston Sports Club in the late Fall. Several
other club sites are under consideration. "We eventually expect to have in
excess of thirty clubs in the Greater Boston market," remarked Smith.
With over 25 years of experience, Town Sports International currently
has more than 250,000 members in facilities from Washington, DC north through
New England, as well as two Sports Clubs in Switzerland, one in Zurich the other
in Basel.
For further information, please contact Bob Giardina, President, TSI, tel.
212-246-6700.
