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Ashby Corporation's Intent To Pursue Contract Negotiations With Bahamas Filminvest International
Hamilton, Bermuda January 12, 2007 - Ashby Corporation (AHBY.BH) announces that it has entered into a letter of intent to pursue contract negotiations with Bahamas Filminvest International for the sale of the Bahamas Film Studio on Grand Bahama Island. The potential sale involves the payoff of $10,000,000 in Bank loans and approximately $1,000,000 in other debts of the Company's subsidiary, Gold Rock Creek Enterprises. Any such contract must be approved by the Government of the Bahamas before it can become effective. Meetings with the Government have been arranged and, upon their preliminary approval, final contracts will be negotiated