News Release

Infinity Bay Spa & Beach Resort Progress Update

March 1, 2006

We are happy to announce that we have received our environmental permit from the Honduran government as well as our building permit from the municipal on Roatan last week for the Infinity Bay Spa & Beach Resort development. This clears the way to begin construction as soon as we have resolved the final details.

There are just a few details being finalized with our engineers regarding the infrastructure, which includes electric and other utilities, so that we don't compromise our ability to upgrade in the future to newer technologies, such as solar power and desalinization. We are also within about two weeks of receiving the final bids from our contractors on Phase I of the project.

While we are very anxious to begin building, we obviously don't want to compromise the quality of the project for our owners. The normal time frame from land acquisition to the start of construction on a project of this size is about 18-24 months, sometimes longer. We are, as of the end of February, at just over eight months from the acquisition of the property, which is extremely good progress, especially for Central America . This impressive timeline has been made possible by the hard work and follow up of our staff, contract professionals and government officials involved with the project. We are very proud to be associated with all of the people that have had a part in our project.

Thank you for your interest in Infinity Bay Spa & Beach Resort. Check back often for the latest announcements.