Citius Resources Regulatory News (CRES)

19 Jan 2006 16:31

Crescent Hydropolis Resorts PLC19 January 2006 Crescent Hydropolis Resorts PLC Announcement 19th January 2006 The Directors of Crescent Hydropolis Resorts PLC (the Company) present theirprogress report today in respect of the Company's plans to erect Asia's firstdeepwater Hydropolis Hotel and Resort (Hydropolis Qingdao). On 13 October 2005,the Company entered into a Cooperation Agreement (the Agreement) with thePeople's Government of Laoshan District, Qingdao, China (Laoshan Government) asthe first principal step in developing Hydropolis Qingdao. The Agreement calledfor the Company to complete its feasibility study for Hydropolis Qingdao withinthree (3) months of the date of the 13 October announcement for presentation tothe Laoshan Government. On 9 January 2006, Mr Joachim Hauser, Hydropolis' principal architect and theCompany's Executive Chairman, led a delegation of the Company and its advisersto Qingdao, including Mr Gerhard Tegtmeyer, Managing Director and CEO of SIBCGmbH (a subsidiary of UK-based Turner & Townsend) as proposed project managersfor Hydropolis Qingdao, Mr Geert Vanbeveren, Vice President representing SiemensBusiness One, Mr Wu Yongxin, Vice President representing Siemens Limited(China), Mr Andreas Hallier, representing Ostsee-Kontor GmbH as the Company'sexpert in deep water marine construction and technologies, and Mr DetlefLoemker, adviser to the Company on international hotel management issues. On 17 January, the Company's delegates presented the feasibility study to asenior delegation of Chinese officials representing Laoshan and the People'sGovernment of Qingdao City (Qingdao Government). Plans were presented for thethree principal components of Hydropolis Qingdao, the underwater HydroPalaceTM,the land-based HydroTowerTM and the HydroShuttleTM service that will connect thetwo principal structures of the resort complex. Key statistics, including land site surveys, deepwater marine studies, surveysof shipbuilding facilities in China, financial cost projections and a detailedtimetable for planning and constructing both the HydroPalace and HydroTowercomponents of the project were discussed with Chinese officials at length. TheCompany has fulfilled its obligations in respect of the Agreement and theinitial feasibility study will now proceed for licensing authority and approvalsto the Laoshan Government, then to the Qingdao Government, and finally to theappropriate governmental authorities in Beijing. The Directors note that the Agreement had called for Laoshan to assist theCompany in locating a suitable marine site for the HydroPalace, and acorresponding location to erect the HydroTower. Both objectives have beenachieved. The Agreement further provided that upon approval of a suitablelocation for Hydropolis Qingdao, the offshore marine location and land sitewould be contractually offered to the Company and its wholly owned subsidiarycompanies on a long-term lease basis (the Land Lease). This phase ofnegotiations between the Company and Laoshan are now in progress. Mr Joachim Kundt, Executive Vice President of Siemens AG in charge ofInternational Operations for Africa, the Middle East and CIS States, is adirector of the Company. For further information contact:- Joachim Hauser, Executive ChairmanJoachim.Hauser@crescent-hydropolis.com - or - Mansoor Ijaz, Chief ExecutiveMansoor.Ijaz@crescent-hydropolis.com 19 January 2006 This information is provided by RNS The company news service from the London Stock Exchange