Kouroushis Lion Resorts Merge With Trustwise Holiday Resorts

Kouroushis Lion Resorts (KLR), the leading east Mediterranean Vacation Membership company that trades as Lion Resorts announced today the intention to merge its existing Vacation Membership business with Trustwise Holiday Resorts, owned by CADs International, a leading international real estate, hospitality and tourism development group. The merged group will invest in developing and operating Vacation Membership Resorts in Europe, the Middle East and Africa.

The initial developments will add a purpose designed resort in Pafos by leading architects Wimberly Allison Tong & Goo (WATG), and resorts in Egypt in Sharm El Sheikh, Marsa Alam, & Alexandria.

Further expansion will target the Middle East and North Africa.

“We are excited about this merger, which falls directly in line with KLR’s strategic plan to
grow its presence throughout Europe and the Middle East. These new developments will
increase the diversity of our portfolio enabling us to cater for the ever increasing demand
for Vacation Membership products in these regions. Our new shareholders bring a wealth
of investment and development experience in the Middle East which will enable us to
expand rapidly in these territories”, explained Mr Kypros Kouroushi, Chairman of KLR.

Mr Andreas Drakou, deputy Chairman of the newly merged group commented “The group now has unrivalled experience in investment, development, sales and marketing and resort management. The combined business will compliment each other in many ways. The Vacation Membership business is under represented in the Middle East, and Egypt is a prime example of where we can rapidly develop new purpose designed resorts to cope with the ever increasing tourist demand”.

The new board of directors will comprise of Kypros and Chrysostomos Kouroushi, Andrew
Chapman, Andreas Drakou, Jack Mably, and Christakis Anastassiou.

Kypros and Chrysostomos Kouroushi are a leading Cypriot property developer and
construction company established for 25 years.

Andrew Chapman, a qualified accountant, has 19 years experience in the travel and
vacation membership industry with Thomas Cook before co-founding Lion Resorts.

Jack Mably has 12 years experience in the vacation membership industry including setting industry records for Coldline vacation membership sales at Anfi del Mar in Gran Canaria before co-founding Lion Resorts.

Christakis Anastassiou has 20 years experience in hotel & resort development & asset
management, as well as heading tour operations in the UK and Russia.

Andreas Drakou is an accomplished entrepreneur with a successful record in the travel, aviation, hospitality and real estate development. He is also a Director and Shareholder of Lewis Charles Securities Ltd (a fully licensed stockbroking company in the UK). He is the Founder, owner & executive Chairman of CADS International and CEO of Libra Holidays Group Plc.

Lion Resorts – www.lionresorts.com
Lion Resorts is a leading developer and sales & marketing company of vacation
membership resorts. It presently has four resorts in Cyprus, two in Egypt, two in Thailand and one in Zante.

Trustwise Holiday Resort – www.trustwiseresorts.com
Trustwise Holiday Resorts has two resorts in Cyprus and one in Florida.

CADS International – www.cadsinternational.com
CADS International is a privately held international real estate, hospitality & tourism
development group. EFG-Hermes Private Equity has joint ventured with Trustwise
Developments, a subsidiary of CADS International, and is in the process of establishing
Horus Tourism Fund. The Horus Tourism Fund is creating a diversified integrated portfolio of tourism, tourism related residential and mixed use assets in the Middle East and North Africa with Egypt as the main core.

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