Ashby Corporation Ltd. Project Bahamas Film Studios Begins Work on Incentive Program for its $76 Million Dollar Co-Production Facility.

Entertainment Editors/Business Editors

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--June 15, 2004

Ashby Corp. Ltd. (OTC:AHBY) announced today that its Bahamas Film Studios is developing an incentive program for large production studios such as Disney (NYSE:DIS) and Universal (NYSE:V), as well as with other major studios, to bring film production to the company's planned $76 million dollar state-of-the-art production facility.

The company is planning to secure a $250 million production fund to create an operation that will act as complementary to the major US studios. The fund will be the basis of a co-production treaty between the Bahamas, initiating with Canada and the UK, and expanding to other countries that form part of the International Co-Pro Treaties. The costs for production would thereby be split between the countries participating in the co-production, with the distribution returns allocated according to the percentage of investment. For example, a Bahamas company owning a 50 percent stake would contribute 50 percent of the required investment and receive 50 percent of the distribution returns.

CEO of Ashby Corp., Hans Schutte, commented, "We are working closely with the government of the Bahamas to establish incentive programs to entice more film production companies to the Bahamas. We believe the Islands offer everything a production could need." He added, "Our vision is to see the Bahamas participating in the business of lucrative offshore movie production financing."

About Ashby Corp. Ltd.

Ashby has created a master plan that will incorporate a film and television production centre, along with a water shooting stage, a post-production facility, as well as a music-recording studio, with specific other phases which will include a movie theme park, a water park, restaurants, retail stores, an historic Bahamian village and much more. The Bahamas Film Studios will become a defining landmark in the Bahamas. Film production will not be limited to the Freetown facility alone, as Ashby plans to work closely with the Port Authority to utilize locations throughout Grand Bahama.

Safe Harbor for Forward-Looking Statements 

Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, and changes in consumer and business consumption habits and other factors over which Ashby Corp. Ltd. has little or no control.