Freeport, Grand Bahama – Grand Bahama Power Company (GBPC) Board of Directors recently decided to defer the dividend normally paid in the second quarter of the year, which resulted in ICDU not paying its customary July dividendfor 2009. Wayne Crawley, President and CEO of ICDU noted, “GBPC executives felt it would be prudent to defer dividends which would have been normally paid to ICDU.”

E. O. Ferrell, President and CEO of GBPC stated “The Board of Directors determined that the current decline in electricity sales due to the slow economy, coupled with the financial uncertainties of hurricane season, made it imperative that the company conserve its cash reserves at this time.” A decision regarding the timing of the dividend payment will be made later in the year.