FOR IMMEDIATE RELEASE TOM LEWIS COMPLETES ASSET ACQUISITION OF BROWARD YACHTS New Owner Aims To Grow Region’s Once-Predominant Yacht Manufacturer Fort Lauderdale, Fla. (March 11, 2005) – Tom Lewis, chief executive officer and president of LPI Holdings, LLC, announces the completion of the acquisition of the assets of Broward Yachts, a Broward County (Fla.)-based manufacturer of luxury, semi custom-built yachts. Included in the assets being acquired are all of the company’s intellectual properties and trademarks, as well as the manufacturing and repair facility, brokerage location and marina. Financial terms of the transaction were not disclosed. A lifelong boater himself, Lewis plans to build on Broward’s successful record as an industry leader. For the past 50 years, the company has been manufacturing high-end yachts that range from 80’ to 157’ in length. His original interest in the company stemmed from an inquiry to purchase a Broward Yacht. However, the more he learned about the yachts and the people behind the company, he discovered an excellent opportunity to expand the Broward franchise. Lewis plans to revitalize Broward around the employees who made it a success. As a result, he is focused on reassembling many of the original members of the company’s staff. In fact, the first person he hired was the company’s former human resources officer, who will provide significant assistance in locating many former employees. “As an avid boater for 30 years, I am well aware of the economic and social impact yachting provides to the South Florida community,” said Lewis. “I am excited about the opportunity to bring back many of the people previously affiliated with Broward’s original ownership. And I am dedicated to providing the resources necessary to grow this hometown company.” “Broward has been a cornerstone of the Broward County marine industry for many years,” said Frank Herhold, executive director of the Marine Industries Association of South Florida. “For decades, Broward set the standard of excellence for luxury yacht building in South Florida. And now with Tom Lewis’ commitment and resources, the Broward brand will once again be restored to a level of customer satisfaction associated only with the finest yacht builders in the world.” With his background in real estate development, Lewis is focused on maintaining and preserving the Broward mega yacht marina, which serves as a considerable economic engine for Broward County and the region’s yachting industry. As a result, this decision will also safeguard jobs at the marina and promote continued economic expansion within the industry. Lewis is currently working on the final designs for a new series of yachts that include a 118’ X 24’ raised pilot house yacht and a 135’ X 27’ tri-deck. Production of the new yachts is projected to start within the next few months. Lewis intends to complete a 106’ Broward, currently in production, which will be used by Lewis and the company for relationship enhancement opportunities within the community. He will serve host to a number of charitable events, social gatherings and business functions in an effort to reacquaint the Broward brand with the community. Additionally, Lewis also has plans to immediately begin design and construction of his first two yachts. About Tom Lewis... Tom Lewis is chief executive officer and president of LPI Holdings, LLC. He has been an active owner, merchant builder and developer of real estate since 1974. LPI Holdings’ commercial developments include office and retail projects. Residential developments undertaken by the company include for sale and rental properties, as well as land development of planned unit communities, sub-divisions, and tract housing projects. The company develops real estate in Florida, Georgia, North Carolina, Colorado and California. Since its inception, the company has been involved in commercial projects totaling 2,000,000 square feet and residential developments totaling 611 units. For more information visit www.lpiholdings.com.