Late last week the Board of Directors of the corporation that owns the Town of Briny Breezes denied a request by Ocean Land Investments for a 45-day extension of the due diligence period for the purchase of the 43-acre mobile home park located in Palm Beach County. The request would have extended the due diligence expiration date from August 10th to September 28th. The denial has prompted Ocean Land Investments to exercise its right to cancel the purchase contract with Briny Breezes since the company believes that it will be impossible to complete its due diligence prior to the August date.

"The development team asked the board of Briny Breezes for an extension so that we could further evaluate the issues of compatibility and density, as extensively detailed by the Florida Department of Community Affairs (DCA) in their response to the Town's Comprehensive Plan Amendment," says H. Logan Pierson, Ocean Land's Vice President of Acquisitions. "Among other reasons, the additional time was requested to enable us to meet with relevant civic and political leaders so that we could respond to the concerns of the DCA and of our neighbors. Though we certainly respect the board's decision, we are disappointed that they did not recognize the need for these extra days. The DCA process has been extraordinary in its depth and detail. Our response must be as rigorous and thorough."

"To say that we are saddened with Briny's reluctance to grant us an extension is a tremendous understatement," Pierson continues. "The extra time would permit us to confer with the neighboring communities, which is clearly mandated by the recent DCA report. Meeting with the neighboring towns and interested parties is an integral part of the process as well as the most time consuming."

"During our current due diligence process we have recently learned from the DCA and from initial communications with our neighbors that the project will need to be substantially reduced in size from what was originally envisioned. Flexibility in a project of this size is not out of the norm and, in fact, is the way we do business. We listen to our neighbors and try to incorporate their ideas and concerns into our development. In the long run, it's simply good business. "

Pierson went on to say that, "In spite of the recent extension denial, we feel so strongly in doing everything possible to see the Briny Breeze redevelopment process through to a successful conclusion that we have asked Palm Beach County Commissioner Mary McCarty to assist us in setting up meetings with the mayors of the neighboring towns of Gulf Stream and Ocean Ridge so that we may directly address the issues that Commissioner McCarty, the DCA and the towns have raised, including compatibility and density concerns. Commissioner McCarty has graciously accepted our request and has scheduled a meeting for August 22nd which is within the requested extension period. We certainly felt that asking for the brief extension in the due diligence period in order to fully comply with the DCA and to meet with our neighbors was the best way for Briny Breeze shareholders to ultimately receive their money."