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Cabo Rico is back..

..I hope..

*For immediate release, September 30, 2011*

LUNENBURG, NOVA SCOTIA – Custom yacht builder Covey Island Boatworks, of
Lunenburg, NS, is pleased to announce an investment and strategic
partnership with Cabo Rico Custom Yachts.

Based out of San Jose, Costa Rica, Cabo Rico Custom Yachts is regarded as a
builder of legendary blue water cruisers.

The equity investment being made by Covey Island will see production at the
Cabo Rico yard continue, where an emphasis will be placed on the widely
acclaimed CR56 and CR42, as well as their Northeast 400 and 450 motor

“Our businesses share a similar pedigree and we have tremendous synergies,”
said Covey Island Boatworks President John Steele. “We are very excited
about this opportunity, which is complementary, and a win-win for both
companies,” he added.

“Covey Island will be established as both a dealer for Cabo Rico, and as
their Northeastern service and repair facility, which will complement
Covey's traditional custom-yacht-building portfolio and give Cabo Rico a
significant east coast base,” added Alan Hutchinson, General Manager of
Covey Island Boatworks. Covey Island will also provide marketing,
administrative and procurement services to Cabo Rico through the

Covey Island Boatworks is currently working on the restoration of Canada's
sailing icon, the 161 ft. schooner Bluenose II.

Cabo Rico has built more than 350 semi-custom yachts since 1965.

The company's mantra is focused on building boats “that will take care of
you.” Their yard in San Jose has a skilled work force, a modern facility and
access and supply to first-class, North American sourced, building
materials, along with their famous Costa Rican plantation teak and other
species – an asset that helps to enable Cabo Rico to build interiors that
are among the very best in the industry.

“I'm tremendously excited about the new relationship with Covey Island,”
said Fraser Smith, President of Cabo Rico.“With Covey Island's experience,
their well-established brand and global recognition, this is a partnership
that teems with possibilities,” he added.

Covey Island Boatworks and Cabo Rico Custom Yachts are already actively
working together towards this fall's boat shows and will continue the
process of due diligence in the interim to work through the full and
complete details.

Media contacts:

*Covey Island Boatworks*

President John Steele or General Manager Alan Hutchinson T: 902-640-3064 F:
902-428-4238 E:
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