In July 2006, MAI entered into a letter of intent with CMG to develop, mine, and export up to 20 million tons of limestone aggregate from the Bahamas for markets in the southeastern United States. The letter of intent was subject to entering into a definitive agreement, completion of customary commercial agreements and financing.

"Regrettably, CMG wasn't willing to fulfill the conditions of our letter of intent. As efforts aimed at finding an amicable solution failed, we had no choice but to terminate the letter of intent," said Craig Hodgkins, President and CEO of Marine Growth Ventures. "We continue to focus on our core business opportunities and we intend to provide shareholders with regular updates."

About Marine Growth Ventures, Inc. 

Marine Growth's mission is to find, develop, and place in service operating businesses related to our oceans; our vision is to build successful businesses while respecting and protecting our most important environmental resource - our oceans. Marine Growth Ventures seeks marine related opportunities in transportation, freight, aggregates, technology, energy, and homeland security.

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Safe Harbor Statement Under the Private Securities Litigation Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of MGRW could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, and such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.