SOURCE: New Bastion Development

November 11, 2010 06:00 ET

New Bastion Development, Inc. CEO Sends Open Letter to Shareholders

FORT LAUDERDALE, FL--(Marketwire - November 11, 2010) - New Bastion Development, Inc. ("New Bastion"), (PINKSHEETS: NWBA), a real estate development Company exploiting real estate opportunities in Northwest Florida, sends a letter to shareholders today.

Dear Shareholder,

As you are aware, we reorganized with Jetronic Industries on December 29, 2008, and changed our name to New Bastion Development, Inc., and we are currently trade under the symbol of NWBA on the Pink Sheets. We have spent the last several years positioning the company to profit from the anticipated real estate recovery that we expected to occur as a result of the opening of the new international airport outside of Panama City Beach, Florida on May 23, 2010. Unfortunately, on April 20, 2010 the Deep Horizon oil spill occurred and changed the course of the Florida Panhandle and of New Bastion, as the region was immediately adversely impacted. Further, it is presently unknown the extent of the long-term economic and ecological impact to the region.

As previously announced, New Bastion retained Sydow & Associates to pursue the company's legal remedies relative to damages that New Bastion has suffered as a result of the effect that the spill has had on real estate values in the region, the dramatic drop in tourism, and the uncertainty surrounding the potential long-term ecological effects on the region resulting from the millions of gallons of oil in the Gulf, as well as the use of potentially dangerous dispersants to combat the spill. Sydow & Associates has since teamed up with toxic and environmental litigation specialists Reich & Binstock LLP, Houston, Texas and Seeger Weiss LLP, New York City, and New Bastion expects its initial claims to be submitted by December 15, 2010 when the Plaintiffs Steering Committee will be able to file claims in bundles, in the Eastern District of Louisiana which will include loss of earnings and loss of profit claims for property, condo, apartment, and real estate developers.

In June of this year, management decided that given the uncertainty in the Florida Panhandle real estate market, the company should expand its focus beyond real estate. To that end, in July the company entered into a Memorandum of Understanding to license proprietary educational materials, business processes and brands, from Hi Art Kids, Inc., a successful New York City program that is distinguished by an inspired, interdisciplinary curriculum that integrates musical masterpieces, hands-on arts and movement. As a condition of the MOU, New Bastion agreed to bring its financials and SEC filings current, and to that end the company has engaged Salberg & Co. Boca Raton, Florida to perform audits of the Company for the years 2008 and 2009 and to review its financials for the period January 1-September 30, 2010. It is anticipated that all necessary public filings will be completed and filed within 60 days.

To further the company's decision to expand its operations beyond real estate, management is currently in discussions with several entities that may present the Company and its shareholders with an opportunity to grow and to enhance shareholder value, although we cannot assure that any of these transactions will be closed.

Thank you for your patience and your continuing support, and for additional information, I urge you to visit us at our website at www.newbastiondevelopment.com.

Best regards,

Elliot Bellen
CEO

About New Bastion Development, Inc.

New Bastion (www.newbastiondevelopment.com) is a development stage company that has been involved in real estate and real estate development in Northwest Florida for the past 3 years based upon expectations that the opening of the new airport would attract visitors and potential new residents from all parts of the U.S, Canada and Europe as well as new commercial development and investment. The recent oil spill in the Gulf of Mexico has had an adverse effect on real estate and real estate opportunities in Northwest Florida, and the company is currently examining its real estate options. Additionally, the company's management has entered into negotiations to expand a portion of its operations outside of real estate to better diversify its business operations.

Forward-Looking Statements:

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to any number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. Potential investors should independently investigate and fully understand all risks before making investment decisions.

Contact Information

  • Contact:
    Elliot Bellen
    866-541-0625