Great American Family Parks Signs Letter of Intent to Create Joint Venture to Build and Manage Interactive Play Parks in Hong K

BOISE, Idaho, Aug. 24  /PRNewswire-FirstCall/ -- Great American Family Parks, Inc. (OTC:GFAM) (BULLETIN BOARD: GFAM) , a company focused on buying and managing profitable theme parks and themed amusement attractions, announced today that the Company has signed a Letter of Intent to create a joint venture with Wise-Kids Development Ltd. of Hong Kong, a company specializing in children's interactive learning and educational play toys and equipment in Hong Kong and China.  The joint venture would focus on the construction and management of specialized, local interactive play parks for children throughout Hong Kong and China.

Pursuant to the Letter of Intent, GFAM and Wise-Kids Development would each own 50% and appoint one Board member of a newly formed U.S. company called Discovery Parks, Inc.  Each theme park established by Discovery Parks, Inc. would become a subsidiary of Discovery Parks, Inc. and may include additional, separate ownership by local parties on a case by case basis.

Dr. Larry Eastland, President of Great American Family Parks, said:  "We are extremely pleased to take the first steps in creating a family of interactive play parks appropriate for children of every age in China and Hong Kong.  We believe that with our managerial and financial knowledge coupled with Wise-Kids' experience in the children's educational entertainment industry in China, Discovery Parks has the potential to become a successful enterprise.  The establishment of this family of themed play parks would expand and diversify GFAM's family of parks, and would provide GFAM with the opportunity to gain a foothold in the international recreation and entertainment industry."

Ms. Lillian Wei, President & CEO of Wise-Kids Development in Hong Kong stated:  "We are pleased to be building a business relationship with an American Company that specializes in our unique product.  With the managerial and professional experience of GFAM, coupled with our knowledge of the Hong Kong and Chinese recreation industry and in particular the build-out and management of play parks for children, we believe that this has the potential to be long-standing relationship."

Dr. Eastland added, "This announcement in no way detracts from GFAM's stated goal of creating a family of regional parks in the United States.  The Company is continuing to proceed with due diligence to acquire additional parks.  As we identify parks that meet our corporate criteria, we will make announcements to the public and our shareholders in a timely fashion.  Our intention to build parks in China expands our business model to a global scale."

About Great American Family Parks:

Great American Family Parks is focused on buying and managing profitable regional theme parks and themed amusement attractions in the United States. By building a family of parks, GFAM is in the process of developing a series of compatible, yet distinct entertainment and amusement products, including themed amusement parks, associated products, food and beverage, and multimedia offerings.  For more information on the Company, visit http://www.weloveparks.com/ .

About Wise-Kids Development Ltd.:

Wise-Kids Development, Ltd. specializes in the in development, construction and maintenance of interactive play parks in China and Hong Kong. The Company emphasizes the importance of interactive play, physical and emotional development through physical activity.  All park equipment is made to meet the latest European safety standards.  The Company constructs both indoor and outdoor themed parks.  With over 75 separate structures and three indoor and outdoor design plans, which can be modified and expanded, Wise-Kids Development can create a play park for any environment.

Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995:  The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The results anticipated by any or all of these forward-looking statements may not occur. 

DATASOURCE: Great American Family Parks, Inc.



CONTACT:  Ashley Hull of Great American Family Parks, [phone], or

; or investors, Bethany R. Tomich of Equity

Performance Group, [phone], or , for Great

American Family Parks



Web site:  http://www.weloveparks.com/

http://www.equityperformancegroup.com/ 

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