Press Room

Cancellation of trading in ALG Shares on AIM

The audited 2007 Accounts and the Interim Statement for the six months ended 30 June 2008 of American Leisure Group Limited (AIM: ALG) were both released on 29 December 2008, however the suspension of the trading of the Company's shares on AIM was not lifted by the London Stock Exchange ("LSE") pending further clarification of the financial position of the Group.

Current Financial Position

On 29 December 2008, the Company stated that it remained in discussions with Kennedy Funding Inc. ("Kennedy") for a new credit facility, which was originally committed conditionally in August 2008 and subsequently extended to 15 January 2009.  It was then expected that a new facility, if granted, might provide some US$4 million of new working capital for the Company (i.e. after the deduction of closing costs, an interest reserve for twelve months and the repayment of the existing mortgage of US$10 million on Bella Citta). As then noted, new additional facilities are required to finance the immediate working capital requirements of the Group and then to help facilitate completion of ALG's first phase of resort townhomes at Tierra del Sol. ALG remains in discussions with Kennedy with respect to this reduced facility and Kennedy has now further extended this commitment to 14 February 2009.

The Company also remains in discussions with its bankers to rollover existing facilities and also with several other parties to secure further facilities, including to finance interest payments on the outstanding mortgages on the Group's land bank, as well as construction loan facilities to enable the build out of resort amenities and units.  Such facilities have also yet to be secured.

As previously stated, ALG needs to secure new facilities to continue trading.

Cancellation of trading of ALG shares on AIM

ALG's shares were suspended from trading on AIM on 30 June 2008.  Under AIM Rule 41, the admission to trading of ALG shares on AIM would therefore, as the suspension has not been lifted, normally have been cancelled automatically by the LSE at 7.00 a.m. on 31 December 2008. However, the LSE agreed, pending further clarification of the Company's financial position, to extend the date for such cancellation from 31 December 2008 to 16 January 2009.

In view of the continued uncertainty as to the financial position of the Group, the suspension has not been lifted by the LSE and the LSE will cancel the admission to trading of ALG shares on AIM at 7.00 a.m. on Friday 16 January 2009.
As the Company will remain an unquoted company, any further announcements will be made via the Company's website at www.americanleisuregroupltd.com.

The Directors intend to prepare and publish the audited accounts for the year ended 31 December 2008.

For further information:

American Leisure Group Limited
Malcolm Wright, Chief Executive Officer	Tel: +1 (407) 251 2240
	www.americanleisuregroupltd.com
Collins Stewart (Nomad)
Hugh Field	Tel: +44 (0) 20 7523 8325

Media enquiries:

Abchurch
Henry Harrison-Topham / Stephanie Cuthbert	Tel: +44 (0) 20 7398 7718
stephanie.cuthbert@abchurch-group.com	www.abchurch-group.com