The Board of Directors of the Tillotson Corporation was informed today that Ocean Properties has decided not to purchase the BALSAMS Grand Resort Hotel in Dixville Notch, NH. We are surprised, and saddened by this unexpected news. The Tillotson Corporation has put an enormous amount of work into securing the future of the hotel for the North Country. However, despite this setback, our goal remains the same: to find a new owner for the BALSAMS that will benefit the economy, environment and people of the North Country. A special meeting of the Board of Directors has been called and in 10 days we will announce our plan to continue to manage the BALSAMS. We remain optimistic about the future of the hotel. We refer questions about the motivation of Ocean Properties to representatives of that organization.