Island Breeze International, Inc. Enters Into Joint Venture and Investment Agreement
Saturday, April 24, 2010
Apr 23, 2010 08:01 ET
BELLMAWR, NJ--(Marketwire - April 23, 2010) - Island Breeze International,
Inc. (OTCBB: IBII), an entertainment cruise development company, announced that it has entered into a joint venture and investment agreement with a private investment group.
Under the terms of the joint venture and investment agreement, Island Breeze International will form a new subsidiary for the purpose of acquiring an existing overnight cruise vessel to operate in East Asia. Further, the investor has committed to make a $600,000 equity investment in the Company and lend up to an additional $14,400,000 to a subsidiary which IBII will organize to facilitate the vessel acquisition and subsequent operations.
Commenting on the joint venture and investment agreement, Bradley T. Prader, the President and CEO of Island Breeze International, stated, "We are pleased to announce the formation of this new joint venture and the related financing. This joint venture will provide the company with the additional financial resources in order to implement its strategy. This agreement is a major milestone towards our goal of establishing the Company's initial operations in East Asia."
The Company also announced that it has entered into a definitive agreement, subject to certain contingencies, to sell the mv Casino Royale, one of two vessels it currently owns. Concerning the sale of this vessel, Bradley T. Prader further commented, "Not only will the sale of the Casino Royale greatly reduce our overall overhead costs, but it also is a major step in implementing our plan of investing in overnight cruise assets that are better suited to operate in the East Asian market as a result of longer anticipated cruise durations."
For more specific information please refer to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 22, 2010.
ABOUT ISLAND BREEZE INTERNATIONAL, INC.
Island Breeze International, Inc. (OTCBB: IBII) is focused on developing and operating entertainment cruise projects. Island Breeze International is currently evaluating port locations in East Asia for the establishment of its initial operations. Island Breeze International's corporate website is www.IslandBreezeInternational.com.
