Published: June 16, 2006

Ceebraid Acquisition Corporation Announces Court Ordered Dismissal of Bankruptcy

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Ceebraid Acquisition Corporation announced that the United States Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, entered an Order Dismissing the Case.

On February 10, 2006, Ceebraid Acquisition Corporation filed Chapter 11 Bankruptcy Protection to preserve its rights in a purchase agreement for the landmark Holiday Isle Resort in Islamorada, FL. In accordance with the terms of the filing, Ceebraid Acquisition Corporation met its obligations, allowing CSC Holiday Land Limited Partnership to close the Holiday Isle purchase a week prior to an April 28, 2006 deadline. Due to Ceebraid Acquisition Corporation's remaining assets and access to capital, on June 9, 2006, the Court granted the Corporation's motion to dismiss the case and entered the order Wednesday, June 14, 2006.

"We are pleased to have this litigation behind us and commend our team who completed the proceedings in less than 60 days," states Adam Schlesinger, an officer of Ceebraid Acquisition Corporation and president of Ceebraid Signal Corporation. Schlesinger continues, "We appreciate the on-going support of investment partners, the lending and financial communities and are excited to proceed with plans to revitalize a much loved Florida Keys institution."

Ceebraid Acquisition Corporation is an affiliate of Ceebraid Signal Corporation, a leading real estate development and management company with offices in West Palm Beach, FL, Stamford, CT and Freeport, NY.