President of the Grand Bahama Chamber of Commerce, Peter Turnquest

Freeport, Bahamas - The Grand Bahama Chamber of Commerce is extremely pleased to learn of the settlement announced today to end all litigation regarding the ownership of the Grand Bahama Port Authority Limited and its affiliated companies.  We expect that this result will signal the return to stability at that institution and will cause a return of investor confidence to our island.  Now that the basic principal of ownership has been agreed, we hope that the Board of Directors will shortly fill the position of Executive Chairman and that we will see a renewed and coordinated partnership between the beneficiaries, the Government and the business community of Grand Bahama to continue the work of creating economic development opportunities and job creation for the residents of this island.

The Grand Bahama Chamber of Commerce stands ready to do its part in setting this new direction and hope that as the principals begin their unified search for a new investor for the Grand Bahama Port Authority, that they will ensure that the business community, through the Chamber and other vested organizations, will be invited to be involved in the process and to make recommendations so as to ensure that any partner that may emerge has a full understanding of the concerns of all the stakeholders and will ultimately be the best possible partner to ensure our future stability and growth .

Finally, on behalf of my Board of Directors, I take this opportunity to thank the principals of the Grand Bahama Port Authority for their contribution to the development of our community over the years, for finalizing this outstanding matter which has been the center of much public discussions, and finally, to wish them future successes in their endeavours.