October 22, 2020

Island Breeze International secures loan


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BELLMAWR, NJ–(Marketwire – Nov 15, 2011) – Island Breeze International, Inc. (OTCQB: IBII), an entertainment cruise development company, announced that on November 10, 2011, the Company and its wholly owned Cayman Islands subsidiary entered into a $2.75 million loan agreement with a private investment group.

Under the terms of the agreement, the Company can request advances that total up to $2.5 million. If the full amount of the loan is funded it will represent $2.5 million in cash and a 9% original issue discount of $250,000. The Company received an initial advance at closing of $724,580, inclusive of the original issue discount. Subsequent advances will primarily be utilized for the refurbishment of the m/v Island Breeze, a vessel that the Company currently owns. The loan is due and payable on November 9, 2012 and is secured by a mortgage on the m/v Island Breeze.

Commenting on the loan closing, Brad Prader, CEO of Island Breeze International, stated, “We are pleased to announce the closing of this interim funding, as this will enable the Company to move forward with the renovation of the m/v Island Breeze and allow the Company to advance its project in the United States.”

Additional information with respect to this transaction is contained in the Company’s Form 8K which was filed with the Securities and Exchange Commission on November 14, 2011.

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