CBX Cellular Goods Plc

 
TIDMCBX 
 
Cubus Lux plc 
 
                        ("Cubus Lux" or the "Company") 
 
                                Trading Update 
 
Following the close of the 2008/9 year end, the Board is pleased to announce 
further progress in all areas by the Company, including advances in tenders for 
new projects in Croatia and in neighbouring countries. 
 
As we announced at the end of April 2009, Cubus Lux has won the tender to 
develop a 3.4 million sq. metre coastal resort at Valdanos, Montenegro. 
Contract negotiations in respect of that project are progressing well. The 
Company is also tendering for further new projects in Croatia, and 
announcements are anticipated in due course. 
 
Progress on the scheduled development of the Olive Island Resort in Croatia 
has, however, been slower than anticipated because of the impact of the 
worldwide banking and credit crisis. This has caused many banks to extend their 
lending and due diligence processes. The Company expects to be able to make a 
further announcement on this subject in due course. The Olive Island Resort is 
still expected to commence construction during the course of this calendar 
year. 
 
The Company's core operations in Croatia - casinos and marina - have both 
started their high season and so far there is no indication of any adverse 
impact on tourist numbers in Croatia from the economic downturn. To the 
contrary, anecdotal evidence suggests that Croatia is benefiting from the 
slowdown in tourism to long-haul destinations, being within driving distance 
for most of Continental Europe. As a result, the Board anticipates another 
satisfactory performance by these businesses in the current financial year. 
 
Good progress is being made with a residential/commercial development in Zadar, 
Croatia. All permits and planning permissions have been granted for a city 
centre complex including 80 residential apartments and commercial offices/ 
showrooms. Final designs are underway and the company is holding a tender to 
select the builder. Loan finance is in place with Hypo Alpe Adria Bank, 
construction and selling are expected to commence in the second half of the 
year. 
 
Full year results to 31 March 2009 are expected to be announced in or around 
the last week of July 2009. 
 
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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