AZUR International Inc, (fka AZRI)

[**D*A**]

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a) refinancing the existing Azur Shell Landing Resort debt. On November 3, 2006 the Company entered into an engagement agreement with Nexxus One Capital Trust of Switzerland A.G. Under the Agreement, Nexxus has been engaged to act as lead manager for a committed financing to the Company in an aggregate amount not to exceed $50 million or 80% of the current appraised value (based on an MAI appraisal) of the property known as Shell Landing Development in Gautier, Mississippi, whichever is less, by purchasing a Senior Secured Redeemable Note of the Company in such principal amount. The closing of such transaction is required to occur within 10 days after receipt of a current MAI appraisal of the property and in any event not later than December 29, 2006. The Company will use the proceeds of the financing to repay all of the Company's outstanding secured indebtedness other than approximately $6.6 million of indebtedness secured by a mortgage on the land and assets of the Shell Landing Golf Club. As of December 15, 2006 the Company had provided all due diligence requested by Nexxus One Capital Trust, and has engaged Integra Realty to perform the appraisal of the property. The appraisal is currently ongoing.

http://biz.yahoo.com/e/061220/azhi.ob10qsb.html