Letter From the GM – Closed

Letter From the GM – Closed

Black Mountain has been a complicated deal from day one. What I had hoped could be a quick single deal ended up being a whole bunch more.

Almost exactly one year ago, we purchased the business and its assets, leaving the underlying real estate to be transacted separately at some point in the future. Furthermore, the separate ownership of the communication towers remained a significant barrier to the mountain’s long-term success.

I am happy to share that the Black Mountain Community Corporation has now “closed” on all three parcels of land, fully completing the real estate purchase process. Additionally, we were also able to acquire the cell tower rights and leases, granting us critical control over the summit of the ski area. Both deals came down to the wire, and I want to thank John Fichera for working with us to get it over the line. John has spent the last 30 years keeping Black Mountain independent and will now be able to fully step back and enjoy some form of retirement. I am grateful for the relationship we developed over the past two years, and I am extremely proud that we found a way to work together and keep Black Mountain open.

Both transactions required a significant amount of capital beyond what Indy Pass and Entabeni had already invested into the project over this past season, especially the cell tower purchase. A handful of key supporters stepped in to share in this additional funding alongside us, and through that process, they joined Entabeni and Indy Pass in becoming the first shareholders of the Black Mountain Community Corporation.

Black Mountain will be managed by a board of trustees, and the first trustees have been appointed by founding shareholders who made significant time and financial commitments to keeping Black Mountain open and independent. Because of the Securities and Exchange Commission regulations, all initial shareholders must meet the definition of an accredited investor and have participated under the Regulation D exemption. Please e-mail us directly if you are interested in being involved at this level, and we can set up a time to speak and visit the mountain before we enter a required pause and our next steps.

We continue to move forward with our SEC Regulation A filing. This exemption will allow us to offer shares to the general public with certain limitations, ensuring that the community can have a part and say in the ownership and direction of the mountain. My goal has always been to establish a model that balances this community ownership with effective and decisive management, ensuring that Black Mountain remains not only open but in fact leads by example with what the sport and culture of skiing can and should be.

Last fall, our team had just 68 days to transform the mountain before opening day. If you thought you saw a ton of improvement to the mountain then, all I can say is hold on now. We have been charging forward non-stop since our closing day on May 3rd, and the progress across our lifts, snowmaking, buildings, and (new) trails is remarkable. Stand by for non stop updates as we quickly approach what we hope will be our earliest opening day ever. A limited number of season passes and seasonal learning programs remain on sale at this time.

While it is easy to get excited about the on hill improvements and the start of the season, I cannot stress enough how monumental it is to have completed these purchases and move forward with our first group of shareholders.

The transactions are closed, and the mountain will open.

Thanks for being here.

Erik Mogensen

President and General Manager

Black Mountain Community Corporation