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Ashby Corporation (AHBY.BH) Announces Two Independent Offers For Rock Creek Enterprises
Hamilton, Bermuda, December 5, 2006 - Ashby Corporation (AHBY.BH) announces that it has received two independent offers for its subsidiary, Gold Rock Creek Enterprises, which developed the 3500 acre Bahamas Film Studio where Disney recently filmed Pirates of the Caribbean II and III. Chairman, Ross Fuller, indicates that the Company is reviewing these offers to determine which is in the best interest of the Company and the long term goals of its Bahamas subsidiary. A decision is expected within the week. While dollar amounts were not being disclosed, Mr. Fuller estimated that the consideration would possibly be in the eight figures before payoff of the subsidiary's debt. Mr. Fuller indicated that it was in the best interest of Ashby shareholders to dispose of their Bahamian assets because of capital needs of the parent. Mr. Fuller assures the shareholders of his continued personal financial support of the parent during this transition period. Further announcements will be made in due course.