Business
Final Results
Final Results.
About this update from Harena Rare Earths Plc
[{"type":"text","content":"\n RNS Number : 3265C Crescent Hydropolis Resorts PLC 29 August 2008 \n \nCRESCENT HYDROPOLIS RESORTS PLC\nANNOUNCEMENT\n\nFinal Results\nFor the year ended 31 December 2007\n\nChairman's Report\n 29 August 2008\n\nCrescent Hydropolis Resorts PLC (CHR), the world's leading developer of ultra-luxury underwater resort hotels under the Hydropolis design concept, announces its final results for the period ended 31 December 2007. The Company had €16,983 in cash as at 31 December 2007. The main items of expenditure relate to development costs associated with furthering CHR's proposed Hydropolis project at Qingdao China, including legal, engineering, technical feasibility and travel costs. New inquiries for a development of an underwater resort hotel in conjunction with a Chinese Enterprise were followed up as a result of an introduction to a significant real estate developer out of Shanghai. This has led not only to a highly suitable Chinese location in the Shanghai area, on which CHR is following up on well into 2008, but also to the challenge of exploring a construction site off the coast of Dubai, where this same Shanghai firm owns real estate.\n\n\nThe previous management (Mr. Joachim Hauser and Mr. Mansoor Ijaz) of CHR had formed a local project management company in Qingdao, Crescent Hydropolis Qingdao Limited (CHQ), and CHQ received its operating license from the governmental authorities of the Laoshan District in Qingdao City, China on 23 August 2006. This license to do business in China has enabled our Company's local project development subsidiary, CHQ, to apply for full permits and licensing authorities for the project's HydroTower® land station and HydroPalace® construction phases. Due to changes of personnel/decision-makers in the administrative offices of the Laoshan District in Qingdao City, the further development of Crescent Hydropolis Qingdao is at a halt. Detailed marine studies, surveys of steel manufacturing and shipbuilding yards and site surveys of the land had been concluded by our Company's engineering advisers in the meantime and a suitable proposal to construct the hull of the HydroPalace® are under discussions, results of which will be detailed furt...