Press Release: Strategic Internet Investments, Incorporated
July 15, 2002
VANCOUVER, BC -- The Board of Directors of STRATEGIC INTERNET INVESTMENTS, INCORPORATED, (the "Company"),
is pleased to inform shareholders that the Company has entered into a Letter Agreement with British Columbia, Canada
based, Star Leisure & Entertainment Inc., ("Star Leisure") to purchase 80% of the outstanding share
capital of Bahrain incorporated Gulf Star World Development W.L.L. ("Gulf Star").
Gulf Star holds 100% of the rights to develop the planned Dream Island Leisure and Entertainment Resort Facility
located at Manama, Bahrain. The Dream Island Resort will be an integrated real estate and tourism development project
on an island off the north-eastern coast of Manama, Bahrain, occupying approximately 165,000 sq. meters on a man
made island about 250 meters offshore from the Al Fatah Corniche Park. The conceptual master plan includes:
The Letter Agreement gives Strategic the right to purchase 80% of the outstanding shares of Gulf Star by issuing
to Star Leisure, in escrow, a total of five million common shares of the Company to be earned out of escrow based
on progressive stages of development of the Dream Island Project over a three year period. The Company has agreed
to formulate a comprehensive funding plan on a best efforts basis to secure the necessary debt and/or equity financing
for completion of the Dream Island Project. The Company has further agreed to pay to Star Leisure the sum of US
$100,000 within three months of the date of the Letter Agreement to reimburse Star Leisure for a portion of its
preliminary start-up and development costs for the Dream Island Project including engineering, design, administrative
and professional work.
Expenditures in excess of $100,000 associated with the start-up and development of the Dream Island Project will
be reimbursed to both Star Leisure and Jzala Investment Group ("Jzala"), a Saudi Corporation holding
a 20% interest in Gulf Star, only at such time as the project financing has been fully secured and commencement
of the main construction of the Dream Island Project has been funded. These expenditures will be subject to verification
in an independent audit to be completed by an internationally recognized firm of Chartered Accountants acceptable
to all the parties.
Star Leisure will assign to the Company, any and all agreements relating to the Dream Island Project and, in particular,
certain FIDIC agreements that it has recently negotiated and/or entered into with Robodh Contracting of Manama,
Bahrain, specifically, the Dredging and Reclamation Works Agreement for Dream Island and the Planning, Consulting
and Supervision Agreement for Dream Island.
Star Leisure is a related party to the Company. Mr. Abbas Salih, Director and controlling shareholder of the Company
is the controlling shareholder of Star Leisure and therefore the agreement outlined above is a non-arms length
transaction.
Statements regarding financial matters in this press release other than historical facts are "forward-looking
statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The
company intends that such statements about the Company's future expectations, including future revenues and earnings,
and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements
(future operational results and sales) involve risks and uncertainties and are subject to change at any time, the
Company's actual results may differ materially from expected results.
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For further information contact: Strategic Internet Investments, Inc. (604) 684-8662 email: sohoralph@hotmail.com www.siiincorporated.com
SOURCE: Strategic Internet Investments, Incorporated