NEW ORLEANS, Jan. 9, 2001 -- American Classic Voyages Co. (Nasdaq: AMCV), the largest owner and operator of U.S.-flag passenger vessels, today announced it has signed a Letter of Intent with leading systems solutions provider Versonix to implement SeaWare and AirWare, an innovative cruise reservations system and air transportation logistics and management module.

Ronald W. Sieman, vice president, information technology/chief information officer for AMCV, said, "Versonix' tools and technology will enable us to offer state-of-the-art service to our travel agents and passengers."

Yuri Polissky, chief operating officer, Versonix, said, "We are pleased to provide the largest American cruise company with the world's most advanced cruise reservation system."

The SeaWare system includes powerful sales, marketing and revenue yield management capabilities. Travel agent information, including agency affiliation and compensation structure under AMCV's CruiseForce One program, can easily be maintained. Other tools can rapidly implement new pricing and promotional programs, manage invoicing and automate the handling of commission payments and refunds. The system offers special benefits to passengers, like records of their personalized dietary, entertainment and shore excursions preferences. The AirWare module facilitates efficient management of air block space, routing preferences and ticketing.

The Letter of Intent is expected to lead to a contract in early 2001 that would include software licensing, system implementation and support services. AMCV and Versonix are currently negotiating data conversion and customized enhancements to the AirWare-SeaWare package.

AMCV expects to complete initial implementation of SeaWare-AirWare by mid-2001 for its United States Lines and American Hawaii Cruises subsidiaries, and by the end of 2001 for The Delta Queen Steamboat Co. and Delta Queen Coastal Voyages.

A second phase of implementation planned for 2002 would introduce booking capability on AMCV's Web sites and interface with the company's Global Distribution System (GDS), enabling travel agents to book AMCV lines via cruise reservations systems such as Amadeus Cruise, Apollo Leisure Shopper and Sabre Cruise Director.

Versonix, founded in 1984, is headquartered in Northern California's Silicon Valley and specializes in e-business solutions, Web site development, system and database design and security and data conversions with an emphasis on the cruise industry. Cruise lines that have already acquired SeaWare licenses are Disney Cruise Line; Norwegian Cruise Line and its parent Star Cruises; World Explorer Cruises; and Windjammer Cruises. For more information, visit www.versonix.com or telephone (408) 873-3131, ext. 321.

AMCV's cruise lines explore the inland rivers and coastal regions of North America, and sail throughout the Hawaiian Islands. For more information, visit www.amcv.com.

Note: Statements in this press release relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performances or achievements of American Classic Voyages Co. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general business, economic and weather conditions which may impact passenger yields and occupancy and the demand for the Company's products; unscheduled repairs and dry-docking of the Company's vessels; delays or the inability to enter into definitive construction agreements on commercially reasonable terms; construction delays and/or cost overruns during regularly scheduled lay-ups and/or dry-docks or in connection with the construction of new vessels; successful completion of expansion plans, including the construction of new vessels; the impact of changes and/or repeal of laws and implementation of government regulations, and other factors which are described in further detail in American Classic Voyages' filings with the Securities and Exchange Commission.