GILROY, CALIF. (May 20, 2005) -- Bonfante Gardens, California’s only horticultural theme park, announces the sale of 32.9 acres of surplus land to Shapell Industries today, bringing the park one step closer to restructuring the existing debt. Bonfante Gardens will complete the senior bondholder tender offer notification steps required with the sale, including Bonfante Gardens redeeming over 50 percent of the senior bonds at the specified discounts. When the tender process is completed, Bonfante Gardens’ debt will move from approximately $70 million down to approximately $12.5 million of remaining senior bonds, showing a bright future for the park.

“The sale of the land, as a major part of the debt restructure, is the light at the end of the tunnel we’ve been waiting for. That, coupled with Paramount Parks’ efficient management of the park’s operation, gives us confidence in the promising future of the park” says Bob Kraemer, president of Bonfante Gardens’ board of directors.

Under the tender offer, Bonfante Gardens will redeem $14.9 million of senior bonds for a cost of $12.6 million. The next payment, after the settlement payment, will be in November 2005. To date, virtually all payments to senior bondholders have come from bondholder reserve or assigned letter of credit.

“The sale of the land, together with Bonfante Gardens’ positive 2004 performance, signals a bright outlook for the park’s future, giving us the confidence and ability to invest in the park, adding Bonfante’s Splash Garden™ for the 2005 Season” says Barb Granter, vice president of Bonfante Gardens.

Bonfante’s Splash Garden™, a fun-filled water play area with five water attractions, is scheduled to open early June and will give kids a place to cool off in the hot summer sun, climb up a replicated Circus Tree, play on a water-soaked teeter-totter, spin water wheels, tip over buckets of water, splash around in a bubbling fun zone and more -- all FREE with park admission! Set in the center of the water playground is the towering Tree Top Sprayground™, an 18-foot tall water structure that looks like the famed Basket Circus Tree and is equipped with spraying water, a climbing area inside the trunk and a dry slide that wraps around its perimeter.

Bonfante Gardens has lotsa trees, lotsa value, lotsa family fun and now has the Lotsa Card™! The Lotsa Card gives guests "lotsa" value; when purchasing a full-price admission to Bonfante Gardens, guests get unlimited admission for the rest of the season for FREE! Guests can purchase the Lotsa Card™ at the front gate for $36.99 for adults (ages 7-64), $26.99 for children (ages 3-6), $26.99 for seniors (ages 65+) and free for children ages 2 and under. Guests can upgrade to the 2005 Bonfante Gardens Premium Pass™ and receive unlimited admission and FREE parking for the 2005 season plus additional values. Bonfante Gardens is open through October 30. Discount tickets, operating calendar and additional information are available online at http://www.bonfantegardens.com. For more information, please call 408-840-7100.

Bonfante Gardens is a nonprofit organization managed by Paramount Parks.
Bonfante Gardens, a 501(c)(3) non-profit organization, is California’s only horticultural theme park designed for families with young children and garden lovers featuring 19 rides, 27 attractions, majestic gardens and the world famous Circus Trees. Attractions are designed to educate guests and foster a greater appreciation of the natural world and man’s ability to shape it. Bonfante Gardens is managed by Paramount Parks. The park is located in Gilroy, Calif. on Hwy. 152 (West) just off Hwy. 101. Open through October 30. For more information, call 408-840-7100 or visit www.bonfantegardens.org.