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Ashby Corporation Announces Changes Within The Board
Hamilton, Bermuda: April 19, 2005 - Ashby Corporation (AHBY), a company listed on the Bermuda Stock Exchange, today convened a Board of Directors meeting to address the recent deaths of two Directors; Hans Schutte, Ashby's former Chairman and Michael Collyer, Ashby's former Deputy Chairman. The Board expressed its great sadness and loss of the visionary efforts of these two fine gentlemen.
The Board then elected Ross Fuller to the position of Chairman and appointed a replacement director, Kevin Jackson.
There was a report from Mr. Fuller that the Company's subsidiary, Gold Rock Creek Enterprises, had recently obtained a construction loan for $10,000,000, to complete Phase 1 of the subsidiary's production studio on Grand Bahama Island. This will facilitate the construction of the world's largest water-tank filming facility which is the location for Disney's upcoming filming of Pirates of the Caribbean 2 & 3. Disney recently entered into a contract with Gold Rock Creek to use its facility from May 2005 through February 2006.