CBX Cellular Goods Plc

 
TIDMCBX 
 
Cubus Lux plc 
 
                        ("Cubus Lux" or the "Company") 
 
                       Tender win - Valdanos, Montenegro 
 
The Board of Cubus Lux is pleased to announce that the Company has won the 
tender for a new tourism development project in the Adriatic. 
 
The project is to develop the former military recreational resort at Valdanos 
at the southern end of Montenegro's Adriatic coast. Valdanos is 60 km from the 
inland capital of Montenegro, Podgorica, which has an international airport, 
and is 75 km from the airport at Tivat. 
 
The development area comprises some 3.4 million sq m, and includes around 3 km 
of coastline which is believed to be the last stretch of available coastline in 
Montenegro. The Company's tender submission proposes a development which would 
include: 
 
  * A golf course, with a 4 star golf hotel (400 beds) and villas (for sale); 
 
  * A 5-star beach hotel (500 beds) with villas and apartments (for sale); 
 
  * A 4-star hotel (400 beds) including a Wellness centre and Spa, with villas 
    and apartments (for sale); and 
 
  * Amenities such as a casino, a night club, a water park, around 15 
    restaurants, and other communal facilities. 
 
The tender was made in conjunction with an international hotel management 
company, an Austrian construction company, a Croatian firm of architects and an 
international golf course design and development company 
 
The next stage is for the Company to enter contract negotiations with the 
tender commission, and once the concession contract is agreed and signed, the 
project planning process will commence, which is expected to take around 18 
months. 
 
Project finance will be sought when appropriate. The resort is expected to 
create between 400 and 600 jobs locally once complete. 
 
Gerhard Huber, chairman, commented: 
 
"We are delighted to have won this prestigious tender. We believe that our 
presence in Croatia, and specifically in the Olive Island Resort project, 
allowed us to participate credibly in the Valdanos tender, and ultimately to 
win it." 
 
Progress continues to be made in the Company's Croatian businesses, projects 
and tenders, and updates will be provided at the appropriate time. 
 
For further information please see www.cubuslux.com or contact: 
 
Steve McCann 
Cubus Lux plc 
+385 (0)99 214 9636 
 
Simon Sacerdoti/Liam Murray, Nominated Adviser 
Dowgate Capital Advisers Limited 
+44 (0)20 7492 4777 
 
Claire Louise Noyce/Stephen Austin, Broker 
Hybridan LLP 
+44 (0)20 3159 5085 
 
Pam Spooner 
City-Road Communications 
+44 (0) 20 7248 8010 
+44 (0)7858 477 747 
 
 
 
END 
 

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