BELLMAWR, NJ--(Marketwire -06/22/12)- Island Breeze International, Inc. (IBII) (IBII), an entertainment cruise development company, announced that it has retained a New York-based investment banking firm to act as its sole financial advisor, sole placement agent or lead arranger in connection with a private placement of up to US $20 million of debt or equity securities of its Cayman Island subsidiary, Island Breeze International. The proceeds of this offering will be used for the repayment of existing debt, the continued renovation of the subsidiary's vessel, the m/v Island Breeze, the acquisition of equipment, working capital, and other costs related to the establishment of cruise operations from a port located in Florida. This placement is a best effort undertaking and there can be no assurance it will be successfully completed.
In a related matter, the Company terminated, without limiting its rights, the $12.5 million funding commitment it entered with an underwriter on August 8, 2011.
ABOUT ISLAND BREEZE INTERNATIONAL, INC.
Island Breeze International, Inc. (IBII) is focused on developing and operating entertainment cruise projects. Island Breeze International is currently evaluating available ports in the United States. We have also focused on international locations and we are evaluating port locations primarily in East Asia for the establishment of cruise operations, with a particular focus on home port locations in the Hong Kong Special Administrative Region of China. Island Breeze International's corporate website is www.IslandBreezeInternational.com.
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.