Film Studio Welcomes New Investors

Freeport, Grand Bahama Island: January 21, 2007 -- Ashby Corporation [AHBY.BH] announces that it has concluded negotiations with Bahamas FilmInvest International for the acquisition of The Bahamas Film Studio at Gold Rock Creek which developed the Studio where Disney recently filmed "Pirates of the Caribbean:  Dead Man's Chest" and "At World's End."

AHBY Chairman Ross Fuller indicates that the Company extensively reviewed offers from multiple investment groups and chose Bahamas FilmInvest International based on the group's planned initiatives to complete the work necessary for the Film Studio to succeed, and ultimately to increase The Bahamas' share of the global film and television industry. 

"This new investment will provide the necessary upgrades and additions necessary for the Studio to become a more full-service facility," says Fuller.  "This decision is in the best interest of the future of the project, as well as our shareholders and the citizens of Grand Bahama."

Bahamas FilmInvest International is headed by Owen Bethel and is an affiliate of Montaque Capital Partners & Montaque Corporate Partners, based in Nassau.  The group specializes in developing film and television projects based in The Bahamas.

"We are very pleased and look forward to creating a sustainable project, beneficial to both our investors and the further development of the film and television industry in The Bahamas," states Bethel.  "We are in ongoing discussions with the Government of The Bahamas and believe that this project will soon become a hub of activity for a national film industry that truly competes globally."

Fuller and Bethel are working closely with the government to assure a smooth transition, which will breath new life into the project.  In the coming months, a management team will be announced and the company will begin a comprehensive planning phase.