Briny Breezes Shareholders Ratify Board's Decision to Sell to Boca Raton-Based Ocean Land Investments, Inc. for $510 Million.

BOCA RATON, Fla. -- The shareholders of the town of Briny Breezes, Inc., today ratified their Board's decision to sell the 43-acre oceanfront parcel for $510 million to Boca Raton-based Ocean Land Investments, Inc. The ratification required approval of the sale by two-thirds of the shareholders.

The sale generates an average of one million dollars for each of the 488 shareholder/owners, and will be the largest transaction on record according to the Palm Beach County's property appraiser. Current residents may remain within the park until the closing in early 2009.

Ocean Land, which specializes in redeveloping prime waterfront properties with neighborhood and community support, was among a number of nationally acclaimed real estate companies vying for the coveted parcel, arguably the last of its kind in the state of Florida.

"We are delighted with the shareholders decision to ratify their Board's position," said Jean Francois Roy, president of Ocean Land Investments, Inc. "We appreciate their confidence and support."

The development team assembled by Ocean Land consists of some of the nation's most recognized and respected organizations, including Dan Catalfumo, president and founder of Catalfumo Construction and Development; John Devaney, founder and CEO of United Capital Markets; and Jorge Perez' Related Group.

Established in 1963, Briny Breezes Mobile Home Park is a community of 488 mobile homes located on State Road A1A in Palm Beach County, near the cities of Palm Beach and Delray Beach. It features over one mile of water frontage with 600 feet of Atlantic Ocean beachfront, 1,100 feet of frontage along the Intracoastal Waterway, and numerous canals and a marina.

Ocean Land's plans are for a meticulously planned mixed-use community, developed in phases over a 10-15 year period. Conceptual development plans include various styles of residential dwellings, including high-end condominiums, as well as town homes, a boutique condo/hotel resort property and a marina. The community would also include retail space, commercial space, restaurants and vast amounts of green space and parks.

"As a longtime Palm Beach resident and business owner I feel proud to be a part of such a significant development," said Dan Catalfumo, President of Catalfumo Construction and Development.

About Ocean Land Investments (OLI)

Ocean Land Investments, Inc. (OLI) was founded by principal Jean Fran[?]ois Roy in the early 1990s. With a long-term approach for investing in prime waterfront properties that can be redeveloped with neighborhood and community support, and a philosophy of building lasting relationships with property owners, neighbors and civic leaders, Roy and co-principle Mark Issenman have achieved an enviable record of success and an unsurpassed reputation for integrity over the past 25 years. For more information about OLI visit us at www.oceanland.com.