Oceanpoint Appoints Mark A. Elawadi as MD at Third Turtle Club

Rockresorts Selected to Operate the Property Expected to Open in 2011

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. October 14, 2008

TURKS & CAICOS, March 13, 2008. The Third Turtle Club & Spa today announced their $3 million beach restoration project is under way and also formally announced the appointment of Mark A. Elawadi as Managing Director.

The Third Turtle Club & Spa, an exclusive Condo Hotel Resort, named for the first hotel and restaurant on the island, is known for its spectacular location offering a secluded beach, marina and elevated bluff all in one project. The Oceanpoint Developments Ltd, who owns and will develop the site, uphold a commitment to preserving this unique island retreat for future generations.

Their commitment includes spending more than $3 million to replenish Babalua Beach to its former glory. This project will involve the widening of the existing beachfront along the entire shoreline and constructing groynes on either side to protect and preserve the beach. Oceanpoint Developments Ltd has been working closely with the Department of Environment and Coastal Resources on the project.

"We are extremely excited to begin the beach restoration project at our site. This is one of the first steps in putting the Third Turtle Club & Spa on the map as the most luxurious resort in Turks & Caicos," said Richard Padgett, Chairman & CEO of Oceanpoint Developments Ltd. "Today we also welcome Mark A. Elawadi to our team. His wealth of experience in the hospitality industry made him a perfect fit for Managing Director."

Mr. Elawadi brings more than 25 years of experience ranging from hotel operations and development to consulting and asset management to his new role at the Third Turtle Club & Spa. He has held executive positions with some of the finest hotel management companies worldwide including Vice President and General Manager, Conrad Hotels & Resorts; General Manager, Marriott Hotels; General Manager, The Cumberland Hotel, London "UK"; Chief Operating Officer, Resort Properties Group (Tenerife-Spain); Vice President of Development, Ramada & Renaissance International; and Group Director of Development and Asset Management, United Real Estate Group (Kuwait).

Prior to joining The Third Turtle Group, Mr. Elawadi was President of Jefferson Hotel Group, a Washington D.C. hospitality consulting and asset management partnership advising hotel owners and management companies. He also served with the U.S. State Department as Country Director for the Peace Corp. In addition, he sits on the Board of Directors of the Charlotte Convention and Visitors Bureau, Chairman of the Board of the Tourism Committee of the American Chamber of Commerce Egypt.

Mr. Elawadi holds a bachelor's degree from Cairo University. He is an American Hotel & Lodging Association Certified Hotel Administrator and has successfully completed executive education and professional development programs at Cornell and George Washington universities.