Ashby Corporation Bahamas Studio Sale Update

Hamilton, Bermuda, March 15, 2007 - In an announcement made to the Bermuda Stock Exchange (BSX) Ashby Corp (AHBY.BH) a Bermuda public company trading on the Bermuda Stock Exchange announces that the Memorandum of Agreement that they entered into with Bahamas FilmInvest International (BFI) for the sale of their Bahamas Film Studio has lapsed and BFI has defaulted under the terms of that agreement. Specifically they did not make payments to an environmental firm that they had warranted to do, they failed to obtain governmental approvals within the time frame of the agreement, they failed to agree on closing documents, and they did not negotiate an acceptable extension.  Ashby is now seeking other offers for its project.