NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN,
INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
For Immediate Release
20 October 2016
Challenger Acquisitions Limited
("Challenger" or the "Company")
New York Wheel Construction Update
Challenger Acquisitions Limited (LSE: CHAL), a leader in the Giant Observation Wheel industry,
is pleased to provide an update on construction of the New York Wheel Project (“NYW Project”),
a large entertainment complex currently being built on the New York Harbour, which will
feature a 630ft Giant Observation Wheel (“GOW”), a 68,000 sq ft terminal and retail building, a
950 space parking garage and a 5,000-person capacity green roof for events. Challenger has
made an investment of US$3 million representing a ~2% equity stake in the NYW Project.
Approximately US$300 million has been spent on the NYW Project to date, with major
developments so far including:

The foundation for the GOW pad is now complete (8,000 cubic yards of concrete and
1,800 tons of structural steel). The four leg pedestals (totaling 90 tonnes apiece) have
been fabricated and are enroute for installation from Montreal.

The majority of the parking garage is now operational (825 of the 950 spaces). It is
operating under a Temporary Certificate of Occupancy whilst the Mechanical Electrical
Plumbing work is being completed to open the entire facility on a permanent basis in
December.

A 465ft crane has arrived at the Brooklyn prep site to start the erection process for
some of the main components for the GOW. It will be assembled on site in November.

The foundation for the terminal building is now mostly complete with steel erection
well underway for the structure. It will be structurally complete in December.

The legs for the wheel have arrived in the South Brooklyn Marine Terminal. Each of the
four legs weighs 550 tonnes, measuring 18 feet wide and 275 feet tall and they will be
deployed to the site and erected onto the pedestals in December.

Manufacturing continues on the other major components such as the rim, cables,
spindle, drive towers, capsules, electrical and control cabinets, etc.
Construction commenced in May 2015 with a total cost now estimated at US$590 million. The
grand opening is April 2018 with an estimated 3.5 million annual visitors expected. The 630ft
observation wheel, which will be 50% larger than the London Eye once constructed, will
provide passengers with a panoramic view of major landmark sites, including the New York
Harbour, the Statue of Liberty, the Verrazano Bridge, Staten Island and the Lower Manhattan
skyline.
For more information see www.newyorkwheel.com, which includes a live webcam of the
construction site.
Mark Gustafson, the Company’s Chief Executive Officer said: “The NYW Project continues to
make fantastic progress in advancing towards its commercial opening. As the only public
company with an equity stake in this US$590 million project we have secured what we believe
to be a unique and extremely prospective investment opportunity for our shareholders.
Following a recent tour of the New York Wheel site we can see that the changes on the ground
are substantial and the vast scale of the project is becoming very apparent. The four legs, on
which the largest GOW in the world will sit, have now been delivered and the next delivery will
be the pedestals for the legs. Now that the above ground additions are underway, including the
terminal building and the wheel itself, the next 18 months will be very exciting as we progress
towards the grand opening targeted for April 2018.”
Pictures showing delivery of the four legs for the GOW – each weighs 550 tonnes,
measuring 18 feet wide and 275 feet tall:
This announcement contains inside information.
**ENDS**
For more information visit www.challengeracquisitions.com or enquire to:
Challenger Acquisitions Limited
Mark Gustafson
St Brides Partners Ltd (PR)
Lottie Brocklehurst, Charlotte Page
finnCap (Financial Adviser and Broker)
Adrian Hargrave, James Thompson, Kate Bannatyne
+1 604 454 8677
+44 (0) 20 7236 1177
+44 (0) 20 7220 0500
Notes to Editors:
Challenger (LSE: CHAL) is focused on the design, engineering, project management and
investment in select giant observation wheels. By combining its world-class team of technical
engineering and project management skills with proven international financial expertise, the
Company is ideally positioned to become a leader in the giant observation wheel sector.
The Company, which also has a US$3 million equity interest in the US$590 million New York
Wheel Project, is currently focusing on appraising approximately 25 opportunities in its project
pipeline where it believes that it can utilise its expertise. With a team that has worked on four
of the largest giant observation wheels constructed over the last 16 years, including the iconic
London Eye, the Company is building on its unique position to deliver projects and generate
shareholder value.