Cubus Lux, the tourism and leisure-related property developer and operator in Croatia, says that it has identified seven new locations in Croatia and Montenegro for marina developments and is working with local administrations and finance sources to achieve its vision of a `String of Pearls' across the Adriatic.

The Group is considering the disposal of the casino operations and licences to concentrate energies on the various real estate and tourism projects available across the region.

Positive progress has been made on the re-negotiation of the Erste Bank construction loan for the marina in Plava Vala d.o.o , the Euro loan notes issued for the acquisition of the Olive Island Project and the Hypo Alpe Adria loan in Cubus Lux Projektiranje.

The Board says it is also close to finalising the funding for the Olive Island Resort and Molatska developments.

The marina developments - including the extension of the existing Olive Island Marina - will be a major focus for the company this year, as will be the commencement of the Olive Island resort and completion of the mixed residential and commercial `Molatska' site in Zadar.

The 3.4 million sq metres `Valdanos' project in Montenegro continues to make progress, with final contracts with the Government of Montenegro near signing.