Tuesday, April 11, 2006
Strategic Internet Investments Incorporated (the “Company”) announces that the Ministry of Finance, Bahrain (“MOFB”) has notified Gulf Star World Development LLC that due to a lack of progress and failure to advance the project in a timely basis, the MOFB intends to seek termination of the lease contract for the Dream Island site.
The Company and its partners, Jzala Group and Star Leisure & Entertainment Inc. (a related party to the Company) are evaluating the MOFB notification and intend to make appropriate response through their legal council in Bahrain to the MOFB and possibly seek arbitration as allowed for the MOFB lease contract.
The Company and its Partners are hopeful that this unfortunate situation can be solved to the benefit of all parties and wish to state to the Companies shareholders and investors that certain MOFB caused delays in delivering the various permits required to allow commencement of the project have directly impacted the timely advancement and funding of the project.
Updates on this situation will be released as they become available to the Company and its Partners.
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Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
