Island Breeze International Inc. is focused on developing and operating entertainment cruise projects. The company is currently evaluating port locations in East Asia for the establishment of its initial operations. Island Breeze announced today 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. In addition, the private investment group has committed to make a $600,000 equity investment into the company. Furthermore, the group will lend up to an additional $14.4 million to a subsidiary which the company will organize to facilitate the vessel acquisition and subsequent operations.
The president and CEO of Island Breeze, Bradley T. Prader, commented, “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.”
Island Breeze also announced that it has entered into a definite agreement to sell the Casino Royale, one of two vessels it currently owns. Concerning the sale of this vessel, Mr. Prader said, “Not only will the sale of the Casino Royale greatly reduce our overall overhead costs, but it is also 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.”