SOURCE: Andros Isle Development Corp.

July 05, 2005 08:30 ET

Andros Isle Development Corp. Reaches Joint Venture Agreement on the $350MM Las Arenas Blancas Beach Resort Project Near Punta Cana in the Dominican Republic

LAS VEGAS, NV -- (MARKET WIRE) -- July 5, 2005 -- Andros Isle Development Corporation (OTC: AVPJ) is pleased to announce that the company reached a tentative joint venture agreement with Inversiones Turia, S.A. that would give Andros a significant equity stake in the planned $350MM Las Arenas Blancas Beach resort project. The terms of the agreement would also make Andros the lead manager for development of the project. The complete details of the joint venture will be released once the final agreement has been signed. The acquisition an equity stake in Las Arenas Blancas further implements Andros Isle Development's objective of developing world-class, luxury resorts throughout the Caribbean.

The Las Arenas Blancas Resort community will be developed on a 394-acre tract of beachfront property located near Punta Cana in the Province of La Altagracia. The Las Arenas Resort complex will include a luxury five star hotel and spa with a 1,500-square-meter casino, 14 luxury ocean view villas, a golf club with a 27-hole championship golf course, and a full-service marina with 44 slips for up to 80-foot yachts. In addition to the luxury resort, the Las Arenas Blancas development will also include a residential community with a country club and 200 houses with views to the golf course and the beaches.

About Andros Isle Development Corp.

Andros Isle Development Corporation (OTC: 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.

Contact Information

  • For further information please contact:
    Damien Grider
    Investor Relations
    (888) 478-4346