Frank Crivello, Managing Member, Eastern Coast Management and Port Offices report only minor damage to Innovation Centre in Port Canaveral, Florida in aftermath of Hurricane Frances

Innovation Centre sustains only minor wind damage after Hurricane Frances passes through Port Canaveral, Florida.

Cape Canaveral, Florida - September 9, 2004 — Last month Frank Crivello, Managing Member, Eastern Coast Management, LLC ("Eastern Coast") and Port Offices, LLC ("Port") announced Port acquired from Allied Capital Corporation ("Allied"), Washington, D.C., the office building complex that was the headquarters of Premier Cruise Lines. Since then, Port has commenced a rehabilitation of the office complex as it begins re-leasing of the property. The office complex is approximately 68,000 square feet and is one of the few Class A office buildings in Brevard County.

Port Managing Member Frank P. Crivello stated: "Innovation Centre was construction a little over a decade ago. It was built to withstand hurricane winds. The Canaveral Port Authority, did a fabulous job of preparing Port Canaveral and its tenants for the evacuation. Our concern was related to the possible storm surge and flooding. We are relieved no flooding occurred. Our rehabilitation will continue as planned."

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

Back