Monday, 24 January 2011

Thalassa Beach Resort - Construction update.

Results from the Board of Directors meeting.

Over the weekend the Board of Directors have agreed to a proposal put forward by the Chamber of Architects to finalise the revision of the building permit.

Our lawyer has been instructed to approach the Chamber of Architects to prepare the written document of agreement. After this agreement is signed we will be in a position to move forward with the lifting of the suspension.

Once the above process is formalised we can recommence construction which will enable us to give clearer time frames for completion. This will in turn allow us to assess the situation in regards to our completion obligations.


KDG on Behalf of our Board of Directors.