Ashby Corporation Update

Hamilton, Bermuda, March 8, 2007 - Ashby Corporation (AHBY.BH) announces that their contract with Bahamas FilmInvest International, which was to have closed on the sale of the Company's Bahamas Film Studio investment on February 28, has lapsed because Governmental approvals were not forthcoming within the time allowed under said contract.  Negotiations are proceeding to see if an extension can be worked out that will satisfy the needs of the Company and meet the timetable of the Government's approval process that is required for the transfer to be completed to the Purchasers. "We are hopeful that a meeting of the minds can bring resolution soon" states Ross Fuller, Chairman of Ashby Corporation.