NFND Newfound

RNS Number:3400S
Newfound N.V.
05 March 2007

05 March 2007



                                 Newfound N.V.



                         ("Newfound" or "the Company")



    Agreement in Principle between Newfound and Nevis Island Administration
                  Regarding Planned Development of Resort Land



Newfound NV, the developer and operator of international up-market resorts, is
pleased to announce an agreement in principle with the Nevis Island
Administration (the "NIA") to amend its original land acquisition and tax
concession agreement in respect of the of the 600 acres of land known as
Pinney's Estate purchased by Newfound  in April, 2006.



In consideration of the NIA's agreement to reduce the original purchase price by
US$2 million and to implement formal departmental systems and protocols to
expedite all permits and license applications in relation to the development and
construction of the intended Newfound resort, Newfound has agreed in principle
to return to the NIA approximately 170 acres of mainly undevelopable land and
developable land that is peripheral to the resort and to accept a reduction of
the term of its tax concessions from 30 to 20 years.



In further consideration of the NIA agreeing not to develop the land adjacent to
Newfound's resort in a manner that would be materially adverse to an
international luxury resort and to seek Newfound's consent regarding same,
Newfound has agreed to assist the NIA in the education and training of local
Nevisians in leisure industry relevant skills and to cooperatively investigate
the feasibility of geothermal energy on the island as a mutually beneficial
energy source.



Brian Dobbin, founder and CEO of Newfound, stated: "After extensive discussions
of the resort's ultimate Master Plan with the newly elected government of Nevis,
we are delighted to have agreed upon a programme of development which conforms
with Newfound's financial model, while simultaneously addressing the economic
and cultural goals of the people of Nevis.  Through our discussions, we have
developed an open and cooperative partnership with the NIA, which will benefit
both sides as we pursue the development of the Pinney's Estate project.  The
land we have provisionally agreed to return enables the government to meet its
larger social objectives without adversely impacting Newfound's business model.
Indeed we hope to announce further positive developments in the Pinney's Estate
in the near future."



Ends


For further information, please contact:
Newfound NV
Edwin Richards                                       +44 (0)20 7470 2490

Cubitt Consulting
Michael Henman                                       +44 (0)20 7367 5106

Collins Stewart
Adrian Hadden                                        +44 (0)20 7523 8353





About Newfound:



Newfound is a developer and operator of international luxury resorts and
destinations.  Newfound established a proven business model through the success
of Humber Valley Resort in Canada and is developing two further resorts in St.
Kitts and Nevis in the Caribbean.



Humber Valley Resort, with 2200 acres, currently has over 150 privately owned
properties the majority of which are available for rent.  It is an all-season,
luxury resort offering golf, spa, sailing and skiing.  This year, a limited
number of land lots with very high-end bespoke homes will be released.



The group's vision is to create long-term environmental, social, physical,
cultural and economic value in untapped destinations benefiting local
populations, home owners, international visitors and shareholders alike.



Newfound has an integrated business model based on destination master-planning,
which generates revenues from multiple sources, including hotel development and
sales, freehold sales, construction and development, services to owners, the
provision of leisure activities and the operation of concessions.



Newfound is building an industry leading, world-class premium lifestyle brand
offering exceptional holiday experiences in luxurious homes, situated in
locations of outstanding natural beauty.



Newfound's shares commenced trading on AIM on September 26, 2006.



www.newfoundgroup.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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