MSB Global Capital Corp. (MSBM)

[NoWay]

JV News?

Thursday , January 18, 2007 16:50ET

Jan 18, 2007 (EWORLDWIRE via Comtex) -- Andros Isle Development, Ltd., the Nassau, Bahamas based wholly owned subsidiary of Andros Isle Development Corporation (Pink Sheets: AVPJ) today announced that it has signed a joint venture agreement with Russell Industries, Inc. (Pink Sheets: RSDS) "The purpose of the Joint Venture is to facilitate the acquisition and development of Condo Hotels, Luxury Resorts, marinas and high end and resort communities in the Commonwealth of the Bahamas," stated Rick Berman, president and CEO, Russell Industries.

The joint venture team in charge of managing the operations of the yet to be named venture is currently analyzing potential projects, and it hopes to announce the first joint project in the coming weeks. The team is focusing on hotels that are currently operational that can be redeveloped as condo hotels as well as on small, ultra luxury development projects in the family islands.