Newfound, the developer and operator of a planned family of international luxury resort destinations, is pleased to announce an agreement in principle with the Nevis Island Administration (the 'NIA') to amend its original land acquisition and tax concession agreement in respect of the 600 acres of land known as Pinney's Estate purchased by Newfound in April, 2006.
In consideration of the NIA's agreement to reduce the original purchase price by US$2 million and to implement formal departmental systems and protocols to expedite all permits and license applications in relation to the development and construction of the intended Newfound resort, Newfound has agreed in principle to return to the NIA approximately 170 acres of land that is peripheral to the resort and to accept a reduction of the term of its tax concessions from 30 to 20 years.
In further consideration of the NIA agreeing not to develop the land adjacent to Newfound's resort in a manner that would be materially adverse to an international luxury resort and to seek Newfound's consent regarding same, Newfound has agreed to assist the NIA in the education and training of local Nevisians in leisure industry relevant skills and to cooperatively investigate the feasibility of geothermal energy on the island as a mutually beneficial energy source.
Newfound agreed to amend its original land acquisition and tax concession agreement with the NIA in order to progress the project currently known as Pinney's Estate Resort. The planned resort should see the island of Nevis further elevated in the five-star retreat category, building on its existing reputation as a leading luxury destination.
Brian Dobbin, founder and CEO of Newfound, stated: "We are committed to the creation of a world-class resort destination in Nevis. Through our discussions, we have developed an open and cooperative partnership with the NIA, which will benefit both sides as we pursue the development of the Pinney's Estate project. The land we have provisionally agreed to return enables the government to meet its larger social objectives without adversely impacting Newfound's business model. Indeed we hope to announce further positive developments in the Pinney's Estate in the near future."
He continued: "Sustaining cultural integrity and physical identity is a central thread in the master-planning employed on all Newfound projects. In Nevis, we plan to preserve and protect a number of important historical sites, cooperate with the NIA for vocational training on island, and intend to facilitate management training for Nevisians via educational on-the-job programmes in Europe and North America.
After extensive discussions of the resort's ultimate Master Plan with the newly elected government of Nevis, we are delighted to have agreed upon a programme of development which conforms with Newfound's financial model, while simultaneously addressing the economic and cultural goals of the people of Nevis.
Newfound's business model is centred on the purchase of large land parcels which provides an opportunity to protect enough space to properly master plan the experience, and preserve an extremely valuable tourism product for generations to come. The larger scale mixed use designs and low densities of a Newfound destination resort will prevent overdevelopment, guaranteeing a steadily increasing value in both the long term property sales and re-sales, and the vacation value of the experience.
An information office is to be opened in Charlestown within the next month and Newfound also plan to introduce the project and associated opportunities to Nevisians with a series of presentations across the six local parishes.
Award-winning architects, Make, based in London, were selected two years ago to begin work on the designs for the hotel, spa and homes. Advanced discussions are now underway with a number of leading international brands with the operation of the hotel and spa in mind and announcements are to be made in the coming months.
About Newfound:
Newfound is a developer and operator of international luxury resorts and destinations. Newfound established a proven business model through the success of Humber Valley Resort in Canada and is developing two further resorts in St. Kitts and Nevis in the Caribbean.
Humber Valley Resort, with 2200 acres, currently has over 150 privately owned properties the majority of which are available for rent. It is an all-season, luxury resort offering golf, spa, sailing and skiing. This year, a limited number of land lots with very high-end bespoke homes will be released.
The group's vision is to create long-term environmental, social, physical, cultural and economic value in untapped destinations benefiting local populations, home owners, international visitors and shareholders alike.
Newfound has an integrated business model based on destination master-planning, which generates revenues from multiple sources, including hotel development and sales, freehold sales, construction and development, services to owners, the provision of leisure activities and the operation of concessions.
Newfound is building an industry leading, world-class premium lifestyle brand offering exceptional holiday experiences in luxurious homes, situated in locations of outstanding natural beauty.
Newfound's shares commenced trading on AIM on September 26, 2006.
For further information, please contact:
Kaline Kennard
Communications Manager, Newfound N.V.
+ 44 7795 955 202
Owen Pritchard
Managing Director, Newfound Caribbean
+1 869 465 1213
