Marine Growth Ventures Terminates Letter of Intent with Caribbean Mining Group Limited; Wholly Owned Subsidiary Was Unable to Complete Definitive Agreement.CAPE CANAVERAL Cape Canaveral (kənăv`ərəl), low, sandy promontory extending E into the Atlantic Ocean from a barrier island, E Fla., separated from Merritt Island by the Banana River, a lagoon; named (1963) Cape Kennedy in memory of President John , Fla. -- Marine Growth Ventures Inc. today announced Marine Aggregates, Inc. ("MAI MAI Mail (File Name Extension) MAI Multilateral Agreement on Investment MAI Maius (Latin: May) MAI Ministerul Administratiei si Internelor (Romanian) "), its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , was unable to reach a definitive agreement with Caribbean Mining Group Limited ("CMG CMG Coastal & Marine Geology (USGS) CMG Chipotle Mexican Grill, Inc. (stock symbol) CMG Companion (of the Order Of) St Michael and St George CMG Computer Measurement Group ") and has terminated its non-binding letter of intent with CMG. In July 2006, MAI entered into a letter of intent with CMG to develop, mine, and export up to 20 million tons of limestone aggregate from the Bahamas for markets in the southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The letter of intent was subject to entering into a definitive agreement, completion of customary commercial agreements and financing. "Regrettably, CMG wasn't willing to fulfill the conditions of our letter of intent. As efforts aimed at finding an amicable solution failed, we had no choice but to terminate the letter of intent," said Craig Hodgkins, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Marine Growth Ventures. "We continue to focus on our core business opportunities and we intend to provide shareholders with regular updates." About Marine Growth Ventures, Inc. (www.MarineGrowthVentures.com): Marine Growth's mission is to find, develop, and place in service operating businesses related to our oceans; our vision is to build successful businesses while respecting and protecting our most important environmental resource - our oceans. Marine Growth Ventures seeks marine related opportunities in transportation, freight, aggregates, technology, energy, and homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States . Investor Information - Sign up to request investor information and receive regular news and updates from Marine Growth Ventures, Inc. - http://www.marinegrowthventures.com/contactus.php or Email us at: investor-relations@marinegrowthventures.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of MGRW could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, and such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings. |
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