Maybe this 198-acre letter of intent has something to do with it...
Andros Isle Development Corp Announces a Letter of Intent to Acquire 198-Acre Beachfront Property
LAS VEGAS, NV -- (MARKET WIRE) -- June 05, 2006 -- Andros Isle Development Corp (PINKSHEETS: AVPJ) proudly announces that its Bahamian Division, Andros Isle Development Ltd., has signed a "Letter of Intent" to acquire a 198-acre parcel of beachfront property in North Andros Island in the Commonwealth of the Bahamas. The parcel is located just south of Morgan's Bluff on the eastern coast of North Andros.
The company has cancelled its Development Agreement with the Campbell/Storr family and plans to move forward with its planned luxury, resort development on this new parcel. This move gives Andros Isle Development Corp. a 99% ownership stake in the development property as opposed to the 40% stake the company had in the Campbell/Storr Development Agreement.
The planned development is slated to feature all of the amenities of a top-tier, luxury resort community. The development concept includes plans for a 120-room luxury hotel, an 80-slip marina for vessels up to 100 feet in length, 60 marina harbor town-homes, a championship golf course with a clubhouse and a retail shopping center, up to 200 ocean and golf course view condos, as well as a small, oceanfront residential community. Andros Isle Development Ltd. expects to file its development plan with the Foreign Investment Board, and begin pre-sales as soon as the engineering studies are complete.
About Andros Isle Development Corp.
Andros Isle Development Corporation (PINKSHEETS: AVPJ) is a publicly traded real estate development company that specializes in the acquisition and development of luxury resorts in the Caribbean Basin, and in converting luxury hotels into Condo Hotels, a concept that has gained popularity in many international vacation resorts.
The company's principal objective is sustainable, long-term growth in earnings through the development and re-sale of luxury resort properties.
'Safe Harbor' statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.
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For further information please contact:
Investor Relations
(888) 478-4346
SOURCE: Andros Isle Development Corp
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