Frank Crivello, Managing Member, Eastern Coast Management has closed on former Premier Cruise Lines, Inc. office building at Port Canaveral

Innovation Centre will be developed for aerospace,
high technology, and marine tenants

Cape Canaveral, Florida - August 9, 2004 — Frank Crivello, Managing Member, Eastern Coast Management, LLC ("Eastern Coast") announced today that Port Offices, LLC, ("Port") acquired from Allied Capital Corporation ("Allied"), Washington, D.C., the office building that was the headquarters of Premier Cruise Lines. Premier Cruise Lines, Inc. filed for Chapter 11 under the bankruptcy code and eventually was liquidated. Allied became the owner of the property after it foreclosed on the former owner.

The property is approximately 68,000 square feet and is one of the nicest office buildings in Brevard County. Port has renamed the property "Innovation Centre" and is pursuing a vision that includes the addition of office structures on adjacent land.

For the Innovation Centre building, Port seeks tenants that are leaders in aerospace, high technology, and marine commerce. Eastern Coast will manage the project for Port. Port's members include Frank Crivello and Lloyd Milliken.

"Lloyd and I are extremely excited by this acquisition and the opportunity to develop Innovation Centre in Port Canaveral," Port Offices Managing Member Frank P. Crivello said. "Port Canaveral is bursting with commercial activity and we are pleased to be a part of it. As well, Lloyd and I are excited to work together on this and other projects in Port Canaveral."

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
Blois Olson, 651-221-1999
www.new-school.com

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