IGY, NCP announce new megayacht marina - Mandalina Marina and Yacht Club

This development will include the addition of 65 megayacht berths to the existing 350 wet-slip/50 dry-dock marina, transforming it into the new Mandalina Marina & Yacht Club. - Croatia's first dedicated megayacht marina. The new megayacht facilities are in development and will complement NCP's existing shipyard and charter services companies at the property. Under this agreement, the current marina, which already provides berthing for multiple megayachts in excess of 35 meters, is co-branded IGY and NCP and is now managed by IGY.

The destination is one of the most complete, full-service nautical destinations in the region and encompasses not only the new Mandalina Marina & Yacht Club, but the NCP Shipyard with 24-hour assistance and technical services, NCP Charter with more than 60 vessels and the NCP Sailing School. Additionally, the facility also offers an on-site gas station for fueling and on-site grocery for provisioning. Possible future plans also call for a signature "marina village" at the marina. This upland component, currently in the planning stages, is slated to include residential developments, resort accommodations, world-class shopping, dining and nightlife.

The new Mandalina Marina & Yacht Club is situated in the coastal town of Sibenik on Croatia's Dalmatian Coast. Chosen as the "world's number one sailing destination" by National Geographic magazine, the site is noted especially for its UNESCO protected cathedral and two national parks - the waterfalls of Krka and the Kornati Archipelago. Sibenik is one of the oldest native Croatian towns and is noted as a center of culture and art. With the recent modifications to the marina, Sibenik is destined to become the region's premier gateway for megayachts, as it offers convenient access to the over 300 scenic islands on the Adriatic, as well as presenting an outstanding hub for which to cruise the Eastern Coast of Italy and the Eastern Mediterranean.

Andrew Farkas, Founder and Chairman of Island Global Yachting, said:

"We are so pleased to move forward with the new Mandalina Marina & Yacht Club and to bring a world-class megayacht destination to Croatia. This development will rival the most storied yachting areas in the world -- from Portofino to St. Tropez to St. Barths -- with the highest quality berths, premier facilities and services, and scenic architecture. Mandalina will be a destination that not only takes advantage of its beautiful environment, but enhances it for the future."

Frank Garrison, CEO of IGY, added, "We are entering the Mediterranean market with an outstanding project and wonderful partners in NCP, and look forward to adding this marina to our growing worldwide presence. Croatia's international status as a leading tourism destination is definitely on the rise and the addition of this megayacht marina at Sibenik will certainly play a vital role in enhancing that reputation. We are very excited to join the Croatian community, and to work together with the people and the businesses of this great country to deliver one of the world's premier yachting resort experiences."

Ivana Prgin, Vice President of NCP Group, said, "We are equally excited about this partnership and the economic benefits that it will bring to our community. The waters around Sibenik are acclaimed as some of the world's greatest cruising areas and this new marina will enhance the experience even further. The megayacht market represents the world's top demographic and IGY is at the forefront in serving these consumers."

IGY's network of properties is setting new standards for service and quality in nautical tourism throughout the world. The company offers an unprecedented collection of marinas in the Caribbean including locations such as: St. Maarten, St. Lucia, the British Virgin Islands, and St. Thomas, as well as properties in the Americas. In addition, IGY is at the forefront of the emerging marina market in the Middle East. The company is designing, developing and managing up to 40,000 berths for Nakheel & Istithmar World in Dubai, UAE. The first project, Anchor Marina will be completed in 2009 on the world famous Palm Jumeirah. IGY's Mediterranean network is being founded with this Sibenik facility and will quickly grow with projects under negotiations in other countries in the region. All of IGY's destinations are known for the highest levels of facilities and service.