Festival Fun Parks, LLC and Palace Finance, Inc. Extend the Expiration Date of Their Tender Offer for Their 10 7/8% Senior Notes

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Festival Fun Parks, LLC and Palace Finance, Inc. Extend the Expiration Date of Their Tender Offer for Their 10 7/8% Senior Notes
    NEWPORT BEACH, Calif., Jan. 31 /PRNewswire/ -- Festival Fun Parks, LLC
and Palace Finance, Inc. (collectively, the "Companies") are extending the
tender offer expiration date for their previously announced cash tender
offer for their 10 7/8% Senior Notes due 2014 (the "Notes"). The tender
offer, which was scheduled to expire at 12:01 a.m. New York City time on
Thursday, January 31, 2008, now will expire at 12:01 a.m. New York City
time on Friday, February 15, 2008, unless further extended or earlier
terminated by the Companies.

    As of the close of business on January 29, 2008, holders of
approximately 99.96% of the aggregate principal amount of the Notes
outstanding and not held by the Companies or any of their affiliates have
tendered their Notes and delivered related consents pursuant to the tender
offer and consent solicitation described in the Offer to Purchase and
Consent Solicitation Statement dated December 20, 2007 (the "Offer to
Purchase"). Under the terms of the tender offer, the last day that holders
of the Notes could have withdrawn tendered Notes and revoked delivered
consents was Monday, January 7, 2008. As a result, tendered Notes and
delivered consents no longer may be withdrawn or revoked. On January 9,
2008, the Companies announced that they had entered into a supplemental
indenture with the guarantors party thereto and the trustee under the
indenture relating to the amendments that had been approved as part of the
consent solicitation. The amendments set forth in the supplemental
indenture will become operative when the tendered Notes are accepted for
payment.

    As described in the Offer to Purchase, the obligation of the Companies
to accept for payment and purchase the Notes that are tendered and to pay
for the related consents is conditioned on, among other things, obtaining
sufficient financing to repurchase the Notes pursuant to the tender offer
and the consent solicitation. One of the conditions to the financing that
has been arranged by the Companies is that the landlords under certain
leases must provide waivers to the new lenders. Not all of those waivers
have been obtained. The Companies expect that most or all of the waivers
will be obtained, and that the financing condition will be satisfied within
the next few weeks.

    This announcement is not an offer to purchase, a solicitation of an
offer to purchase or a solicitation of consent with respect to any
securities. The tender offer and consent solicitation is being made solely
in the Offer to Purchase and the accompanying Consent and Letter of
Transmittal.

    The Companies have engaged Merrill Lynch & Co. to act as the dealer
manager and solicitation agent for the tender offer and the consent
solicitation. Questions regarding the tender offer and consent solicitation
may be directed to Merrill Lynch toll-free at (888) 654-8637 or collect at
(212) 449-4914. Request for copies of the Offer to Purchase and Consent
Solicitation Statement and the Consent and Letter of Transmittal may be
directed to Global Bondholder Services Corporation, the information agent
for the tender offer and the consent solicitation, at (866) 952-2200.
SOURCE Palace Finance, Inc.