SOURCE: Andros Isle Development Inc.

December 29, 2006 11:22 ET

Andros Isle Development Limited Signs an Agreement to Purchase a 2,700-Acre Resort Project Near La Romana, Dominican Republic

LAS VEGAS, NV -- (MARKET WIRE) -- December 29, 2006 -- The Board of Directors of Andros Isle Development Corporation (PINKSHEETS: AVPJ) announces that Andros Isle Development Ltd., its wholly owned Bahamian subsidiary, has signed an agreement to acquire a 2,700-plus-acre tract on property near the city of La Romana in the Dominican Republic. This property was originally master-planned as a luxury resort community that was to consist of 1,500 waterfront and golf course villas, 2,400 bungalows, 600 luxury apartments, 3 golf courses, as well as a 300 berth marina. Andros plans to start work revising this plan immediately.

Andros Isle Development Ltd. expects to have the Definitive Purchase agreement signed on or before February 9, 2007. It is anticipated that this transaction will close in the second quarter of 2007. The Company plans to use the proceeds from the placement of the 10 million shares of Series A Cumulative Preferred Shares that its Board of Directors approved in July of this year to partially fund this acquisition. Upon completion of this transaction, the Company's net asset base will increase by more than $80M, or by more than $5 per fully diluted share based on independent valuations of the value of the property being acquired.

About Andros Isle Development Corp.

Andros Isle Development Corporation (PINKSHEETS: AVPJ) is a publicly traded real estate development company that specializes in the acquisition and development of luxury resort communities in the Caribbean Basin, and in converting luxury hotels into Condo Hotels.

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.

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