Attached files
EXHIBIT 99.1
Island
Breeze International, Inc. Enters Into Joint Venture and Investment
Agreement
BELLMAWR,
NJ--(April 22, 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 million 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.
FORWARD
LOOKING STATEMENTS
The
information contained in this news release, other than historical information,
consists of forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. These statements may involve
risks and uncertainties that could cause actual results to differ materially
from those described in such statements. Such forward-looking statements involve
known and unknown risks and uncertainties, including all business uncertainties
relating to product development, marketing, market acceptance, future capital
requirements, competition in general and other factors that may cause actual
results to be materially different from those described herein as anticipated,
believed, estimated or expected. The Company is under no obligation to (and
expressly disclaims any such obligation to) update or alter
its forward-looking statements whether as a result of new information, future
events or otherwise.
Contact:
Island
Breeze International, Inc.
Bradley
T. Prader
President
& CEO
or
Steven G.
Weismann
CFO
Phone:
+1-856-931-1505
Email:
info@IslandBreezeInternational.com