Bermuda's newly returned baselands to generate new industries and thousands of jobs.

HAMILTON, Bermuda--(BUSINESS WIRE)--Nov. 1, 1995--Bermuda, which recently regained control of 10% of its landmass with this fall's deposition of U.S., Canadian, and British military bases, has proposed a "broad use plan" to most efficiently utilize the newly returned Base lands.

Former military bases including the U.S. Naval Air Station at St. David's, the U.S. Naval Annex and Tudor facility in Southampton, and the former Canadian Forces Station at Daniel's Head will harbor housing communities, medical centers, government offices, air-related businesses, educational/research centers, sport parks and top-notch golf courses.

With an estimated 3,000 jobs being created over the next 15 to 30 years, the plan provides the further benefit of shifting jobs from Bermuda's highly congested capitol Hamilton, where 40% of all the Island's jobs are now located, to the Base lands.

Bermuda's Finance Minister the Hon. Dr. Grant Gibbons and Cabinet member responsible for the turnover of the Base lands, noted that the proposed plan is a guide and by no means set in stone, "It is a foundation on which more detailed and comprehensive development plans can be grafted for the future. We are very optimistic about the prospects of our proposal. We think that in the long run there is some really good potential here," Dr. Gibbons said.

Although the military bases represented $50 million a year in foreign exchange earnings for Bermuda, Dr. Gibbons noted, "We are not concerned about the immediate loss of revenues. This is very much a longer-term exercise, spanning not the next two years, but really the next 30 years."

Other government officials noted the need for the cooperation of public and private investment to facilitate development of these plans.

Bermuda will go so far as to create a Bermuda Land Development Corporation to manage, finance, market and develop the Base lands.

CONTACT: Edelman Worldwide

Darren Brandt, 212/704-4449