Frank Crivello, Sea Diamond Investors, LLC announces Definitive Purchase Agreement for M\V Surfside Princess

Cape Canaveral, Florida — February 5, 2003— Sea Diamond Investors, LLC (“SDI”) announced today that it entered into a definitive agreement with President Riverboat Casino-New York, Inc., (“President) to acquire the M\V Surfside Princess (f/k/a New Yorker), Official Number D538911 pursuant to Section 363 of the bankruptcy code. Pursuant to a hearing and order of the United States Bankruptcy Court, Southern District of Mississippi, Southern Division, SDI became the “Stalking Horse” purchaser under an auction scheduled on or about March 5, 2003. In the event SDG isn’t the successful bidder, it will be paid a break up fee.

The M\V Surfside Princess is a sea going casino ship with an overall length of 308’, width of 65’, four decks including 36,000 SF of public areas and 28,000 SF of gaming space, suitable to carry 1,400 passengers.

SDI Manager David Marks stated: “We are excited to have reached a definitive agreement with President and obtained court approval. We look forward to the auction.”

 About Eastern Coast Management, LLC www.ecmgt.net:

Eastern Coast is focused on real estate and marine investments in the southeastern United States. For approximately twenty five years, as principals, Eastern Coast's team has been involved in all facets of real estate development, rehabilitation, and investments. In addition, Eastern Coast's team has offered professional management and advisory solutions to public and private companies, trusts, and individual investors. For approximately six years, as advisors or principals, Eastern Coast's team has been involved in marine investments of various types.

Safe Harbor Statement Under the Private Securities Litigation Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of the Eastern Coast could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to assumptions relating to the marine market and that there will be no unanticipated material adverse change in Eastern Coast's operations or business.

Contact:
New-School Communications, LLC
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