Palmetto, Florida, USA: April 28, 2003. Regal Cruises announced that it is ceasing all cruise operations as of today. The Company has cancelled all upcoming cruises on the REGAL EMPRESS beginning with this Thursday''s four - day cruise to Mexico.

The Board of Directors of Regal Cruises has issued the following statement:

"We deeply regret having to take this action, but we had no other choice as the Company has been unable to continue operations after one of its suppliers, Motor- Services Hugo Stamp, Inc., arrested the REGAL EMPRESS on April 18, 2003.

The Company had hoped to negotiate a resolution of this unfortunate action through a sale of its business, which the Company has been pursuing for some time. In light of the world-wide decline in travel and tourism and the short time frame within which the Company could conclude its ongoing sale negotiations necessitated by the arrest, it was unsuccessful."

The Company is currently gathering information to allow it to file for an Assignment for the Benefit of Creditors in State Court shortly. This would seek to accomplish an equitable distribution of the assets of Regal Enterprises, Inc. to its creditors. Creditors who provided goods and services to the Regal Empress may participate in the arrest proceeding pending in Federal Court.

The Company is deeply sorry for the inconvenience the cancellations of these cruises will cause its passengers. Regal Cruises is now making every effort to contact passengers on the upcoming sailings to advise them of the cruise cancellations.

Further details regarding passenger refunds will follow shortly.

The following is a letter issued to all passengers and travel agents:

April 28, 2003

Dear travel agent / passenger,

Please be advised that Regal Cruises has ceased cruise operations as of today, April 28, 2003. Unfortunately, this means that all future sailings of the REGAL EMPRESS have been cancelled. We regret to inform you of this at this time but the circumstances involved were unavoidable.

The monies paid for cruises on the REGAL EMPRESS are protected by the Federal Maritime Commission Bond that the vessel and her owners / operators have in place. Information on how to apply for a refund will be forthcoming. Please remain in touch with your travel agent for further information. Announcements will also be made to the press when the details of the refund procedure are available.