Planet Granite Announces Release From Lease Agreement for Culver City Location

CULVER CITY, CA--(Marketwired - Feb 13, 2014) - Planet Granite, a leading provider of premier indoor climbing facilities, today announced that it and the property owners of its planned Culver City location mutually agreed to release each party from a previously agreed upon lease in order to pursue other alternative uses for the location.

"Planet Granite's lease would have been effective in June of 2014 and was willing to assume responsibility and cost for the safe decommission of the environmental and safety hazards posed by the 50-year old ice making system, but with this decision, the company will be free to pursue other avenues as the property owner moves to develop the location in another direction," said James Lee, spokesman for Planet Granite. "This decision was a mutual one and recognition of the economics the owner has expressed for a higher return on the value of the property."

Lee also disclosed that a survey and report commissioned by Culver City revealed significant public safety issues with the current ice making equipment due to its use of chemicals classified as hazardous by the State of California Dept. of Toxic Substances Control and the extreme age of many of the components. While Planet Granite was confident it could accommodate the clean-up, disposal and remediation of the property, with the end of its lease agreement, the company relinquishes all efforts to decommission the equipment.

"There is a certain irony when supporters of the rink have long contended that the potential clean-up and remediation of the property posed an insurmountable challenge for Planet Granite's eventual operation of a facility, and yet we now see the same groups passionately argue that everything is safe," Lee said. "It is cold comfort for the families that happen to live adjacent to the property to find that their health and safety might have been a cause for scoring political points in this debate."

Planet Granite will maintain its efforts to open a location in the Los Angeles-area as part of its expansion program, Lee said.

Planet Granite, founded in 1994 for the climbing community, has grown into one of the leaders of premier climbing experiences for people of all abilities. It offers enthusiasts a wide variety of bouldering and climbing terrain and the latest in training techniques for climbing, yoga and fitness. Its facilities offer the best in training for any outdoor pursuits or fitness level and are a social hub for friends. For more information, please visit us at www.planetgranite.com.