ORLANDO, Fla., June 8, 2004 (PRIMEZONE) -- Grand Lux Inc. (Pink Sheets:GRDL), has begun preliminary work for the construction of a new marina for the housing of super yachts in St. Vincent and the Grenadines. Several locations were visited and surveyed and a suitable location on the island of St. Vincent was selected.
The 25 berth marina will be located in St. Vincent and is expected to be completed by next spring. Construction cost will be approximately 12 million and the company anticipates pre-sale revenues from berth sales to be approximately $50 million. Anticipated ongoing annual revenues should generate $8 million with profits margins of 50%.
About Grand Lux Inc.
Grand Lux, Inc. is a company that focuses on upscale real estate development in Europe, the Caribbean and select areas of North America. Its' emphasis is on building marinas for large yachts, being 160 feet and above, and developing and pre-selling real estate, whether condos or villas to the yacht owners. The benefits of our company offerings are manifold. It is a recession-proof industry and many yacht owners have already expressed a strong interest in purchasing berths in the marinas. Thus appropriate real estate will be developed to meet their needs.
Safe Harbor
Forward-looking statements in this release are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, but not limited to, continued acceptance of the company's products and services, competition, new products and technological changes, as well as any and all 'other risks 'associated with business.