West Caicos Reserve
MOLASSES REEF ENHANCES DEVELOPMENT TEAM

PROVIDENCIALES, TURKS AND CAICOS—(September 5, 2007) Logwood Hotel Development Co. Ltd. -- which is the owner of Molasses Reef, a Ritz Carlton Reserve being constructed on West Caicos in the Turks and Caicos Islands -- has hired an additional construction management firm assist with the completion of the hotel and condominium project. Turquoise Construction Co., a subsidiary of Ashtrom Int’l, will provide overall coordination for the construction of the project by the end of September 2007. Due to the increasing size and the unique nature of the development -- as well as a desire to accelerate the construction of the marina and other residential phases of the project ahead of the original schedule -- the company determined that additional resources are needed.

The Developers of West Caicos, a group lead by Alan Lisenby and David Hartshorn, will continue their active roles in the project. “Developing a luxury hotel on an uninhabited island is a very complicated task” said Alan Lisenby, a substantial shareholder in Logwood Hotel Development Company “and we are continually strengthening our team. Hiring Ashtrom will help ensure our goal of completing construction of the Turks and Caicos’ first internationally branded luxury hotel on schedule, in late 2008”.

About Molasses Reef, a Ritz-Carlton Reserve and West Caicos Reserve
Blending traditional Caribbean architecture with English, French, Dutch and Spanish influences, Molasses Reef, a Ritz-Carlton Reserve will include 125 generously sized rooms in low-density buildings, two restaurants and a spa, spread along miles of uninterrupted beachfront. Completion of the resort, the first phase of the villas (approximately 30) and the marina is slated for late 2008. The 11-mile-long, 6,000-acre island of West Caicos features some of the most sublime beaches and brilliant azure water in the Caribbean. It is home to the 500-acre Lake Catherine, a natural wildlife sanctuary and breeding ground for pink roseate flamingoes as well as Molasses Reef, rumored to be the final resting place of Columbus’ Pinta and ranking among the world’s top dive sites. Reachable only by boat, small plane or helicopter, transportation on island will be primarily by electric vehicle and bicycle. For more information, call (649) 941-7480 or visit www.westcaicosreserve.com or www.molassesreef.com.