Southcorp Development & Investments (SDI) is proud to announce that it has received the 59^th signed Contract for Purchase/Exchange of an existing condominium for a unit in the new Sun Harbor Resort. It now has 79% of all available units, constituting a "super majority" of the votes necessary to convert the existing condominium. This now effectuates the "buy-out" provisions that are in the Sun Harbor Condominium documents. Of course, 100% participation would be ideal for achieving the greatest degree of continuity with the current Association structure, and could minimize delays in what is expected to be an extensive project.

In that regard, SDI has extended the deadline to encourage the remaining 18 uncommitted owners to enter the Exchange/Purchase agreement and to be entitled to the signing incentives currently being offered to those who execute an agreement prior to close of business Friday, April 7^th, 2006.

Now, with the execution of the 59^th agreement, SDI is in the position to proceed with the necessary planning for what will become one of Panama City’s largest and most elegant resort communities.

SDI will begin by completing its arrangements with OG Properties to purchase the properties that they have assembled adjacent to Sun Harbor. Initially, it will combine efforts to negotiate with both Florida DOT and the Port Authority to facilitate the best possible master plan for the Sun Harbor owners, the city, the area and the region. Once SDI knows the configuration of the land to be developed, it will complete the master plan. The plan will be vetted, as soon as possible, with the participants in the Purchase/Exchange, the city, and all affected required regulatory authorities. The exact configuration of the buildings is still to be determined. However, SDI is committed to offer new units in a "bayfront" location with unobstructed views of St. Andrews Bay.

Southcorp Development & Investments, LLC is located in Stone Mountain, GA and was founded in 2002. It specializes in real estate development, investment and construction. Southcorp’s mission is to provide a balanced approach to its community developments that blends the inherent assets of the land with the creation of high quality, active lifestyle opportunities for its residents and owners.