Bluegreen® has signed a five-year agreement with OurVacationStore.com (“OVS”) to create this seamless, customizable, online cruise store. The OVS designed and maintained site will allow Vacation Club members to utilize their points to purchase trips from more than 15 well-recognized cruise lines. A branded call center and fulfillment services are included with the e-Vacation Store, as well as virtual 360-degree tours of multiple cruise lines and ships, extensive deck plans, detailed destination and cruise line information, professional cruise tips and interest-based cruise line ratings. With more than 60,000 pages of branded, online content, the e-Vacation Store will offer Vacation Club members everything they need to research, choose, and purchase the perfect cruise vacation.

George F. Donovan, President and Chief Executive Officer of Bluegreen, commented, “Vacations are individual experiences, and this new program will provide our members with the added flexibility to choose a vacation that is perfect for their lifestyle. Since OVS is servicing this site, Bluegreen will incur minimal investment costs and no bricks-and-mortar-related expenses. We believe this project creates a new revenue stream and reflects our ongoing commitment to enhance Bluegreen's profitability and maximize return on assets.”

OurVacationStore.com provides companies a private branded e-commerce 'Vacation Store' on their website. OVS provides a worldwide network of online Vacation Stores both inside and outside of the Vacation Ownership Industry. Through its innovative technology-based marketing program, OVS assists resorts in key areas of their business, including product enhancement, sales, marketing, owner satisfaction, rental revenue, utilization of weeks/points and tour flow. They also are a key provider of online e-Vacation Clubs in the Vacation ownership Industry.

Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of timeshare resorts, golf communities and residential land. The Company's timeshare resorts are located in a variety of popular vacation destinations including Orlando, Florida; the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina; Charleston, South Carolina; Branson, Missouri; Wisconsin Dells, Wisconsin; Gordonsville, Virginia; Ridgedale, Missouri; Surfside, Florida; and Aruba, while its land operations are predominantly located in the Southeastern and Southwestern United States.

This press release contains forward-looking statements and the Company desires to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 in connection with these statements. Statements made by George Donovan and any other statements contained herein that are not statements of historical fact may be deemed forward-looking statements. The words "believe," "expect," "intend," "anticipate," "project," “may,” “should,” “designed to,” “estimate,” “hope,” “plan” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The Company does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the Company's control. Future events, industry trends and actual results could differ materially from those set forth in, contemplated by, or underlying such forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to consumer demand and acceptance of the Company's products may be less than anticipated, regulatory changes, changes in national or regional economic conditions, including interest rates, that can affect the real estate market, risks associated with a large investment in real estate, shortages of available inventory, the risk that the Company will not be able to continue to increase its customer base and/or achieve efficiencies, have sufficient outstanding sources of financing to satisfy its needs, the Company's relationship with OVS may not be profitable or proceed as planned, the economic and other impact of September 11th and other national and world events may have an adverse impact on the Company, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K filed on July 1, 2002. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.