Oct. 23, 2009 (PR Newswire) -- SEATTLE, Oct. 23 /PRNewswire-FirstCall/ -- Ambassadors International, Inc. (the "Company") (Nasdaq: AMIE) announced today that it is extending its previously announced exchange offer (the "Exchange Offer") for any and all of the Company's $97 million of outstanding 3.75% Convertible Senior Notes due 2027, CUSIP Nos. 023178AA4 and 023178AB2 (the "Convert Notes"). The terms of the Exchange Offer are amended accordingly.

The new expiration date for the Exchange Offer is 5:00 p.m., New York City time, on Thursday, November 5, 2009, unless further extended or earlier terminated by the Company at its discretion. Tenders of Convert Notes must be made before the Exchange Offer expires and may be withdrawn at any time before the Exchange Offer expires. To receive the consideration in the Exchange Offer, holders must validly tender and not withdraw their Convert Notes prior to the expiration date.

Concurrently with the Exchange Offer, the Company is also soliciting consents (the "Consent Solicitation") to remove certain covenants and make certain other amendments to the indenture for the Convert Notes. The Company is also extending the expiration date for the Consent Solicitation so that it is concurrent with the expiration date for the Exchange Offer.

To date, the Company has received tenders and consents from holders of approximately $66 million in aggregate principal amount (or approximately 68%) of the outstanding Convert Notes.

In addition, the Company announced today that each of the three holders of Convert Notes that entered into an Exchange Offer Commitment and Support Agreement with the Company has, in accordance with the terms of the applicable Exchange Offer Commitment and Support Agreement, designated a nominee to be appointed to the Company's board of directors following consummation of the Exchange Offer. The following individuals have been designated as nominees:

--  Eugene I. Davis
--  Stephen P.