THE WORLD'S FIRST SEAGOING LUXURY RESORT IS TO BE BUILT IN GERMANY Kiel, Nassau, November 28 -AsiaNet- ResidenSea Ltd. (Bahamas) has by aLetter of Intent, dated November 24, agreed with the German shipyardHowaldtswerke-Deutsche Werft AG in Kiel, agreeing on the main terms forconstruction and delivery of the luxury vessel 'The World of ResidenSea.' The agreement includes scope for options on two subsequent vessels. 'TheWorld of ResidenSea' is the most luxurious ship ever built at a totalbuilding cost of almost US dollars 500 million. The parties plan to close thefinal building contract early next year, expecting delivery of the ship totake place in the second half of the year 2000. 'The World of ResidenSea' is the creation of the Norwegian Knut KlosterJr., whose family pioneered the cruise industry back in the1960's. Knut Kloster Jr. has served as both chairman and chief executive ofNorwegian Cruise Line, Royal Cruise Line and Royal Viking Line, some of theworld's most highly acclaimed cruise companies. Fredy M. Dellis, the Chief Executive Officer of ResidenSea Ltd, is aBelgian with an extensive career as a senior executive with European andAmerican multinational companies like Resort Condominiums International,Burger King, EuropCar International and Hertz International. Mr. Dellis stated upon signing the Letter of Intent: "A large luxury ship with 250 spacious luxury homes and 182 guest suites, 7restaurants, bars, cinema, theatre, casino, a variety of sports, relaxationand cultural facilities as well as a business service centre with professionalsecretaries and a licensed securities broker on board, is the next logicalstep in the evolution of both the luxury cruise as well as the resortindustry. By bringing these concepts together we are creating a new lifestyleallowing people to travel the world without leaving home." The present shareholders of ResidenSea Ltd. are prominent members of theNorwegian shipping and investment community. Chairman of the Board ofResidenSea Ltd. is Lars A. Christensen, a Senior Partner of leading Norwegianlaw firm Wikborg & Rein (Oslo, London and Kobe), who has a long career withthe Norwegian and international shipping industry, as well as with projectdevelopment and financing. After some six months of sales and marketing activities, close to US $ 120million has been achieved in sales and reservations. ResidenSea Ltd. expectsall the apartments to be sold at the time of delivery of the ship. Total saleswill exceed US $550 million, covering the building price of the ship andcontributing to the operating costs of the company up until the date ofdelivery. Alfred Berg, a major Scandinavian investment bank and subsidiary ofthe Dutch ABN-AMRO Bank N.V., has been appointed as financial adviser. The Howaldtswerke-Deutsche Werft AG (HDW) in Kiel is a universal shipyardfor sophisticated hi-tech ships being founded back in 1838. It is Germany'sbiggest shipyard and one of the most modern ones in Europe employing a staffof some 3,000 people. The parent company, Preussag AG, is an internationalcommodities and technologies group, active in the fields of steel andnon-ferrous metals production, energy and commodities, trading and transportplant engineering and shipbuilding, building engineering and components. HDW'sannual turnover is in the region of DM 1.3billion (US $750 million). Dr Jurgen Gollenbeck, Chairman of the Supervisory Board of HDW is veryexcited that HDW is joining this groundbreaking venture: "We look forward to meeting the challenge of building 'The World ofResidenSea', and are confident that we will deliver a vessel of the highestquality." For further information and photograph, please contact:Robert Burnett, President of Residensea USA Inc. tel New York +1 212 332-1660