Tender win - Valdanos, Montenegro

Cubus Lux plc                                 

                        ("Cubus Lux" or the "Company")                         

                       Tender win - Valdanos, Montenegro                       

The Board of Cubus Lux is pleased to announce that the Company has won the
tender for a new tourism development project in the Adriatic.

The project is to develop the former military recreational resort at Valdanos
at the southern end of Montenegro's Adriatic coast. Valdanos is 60 km from the
inland capital of Montenegro, Podgorica, which has an international airport,
and is 75 km from the airport at Tivat.

The development area comprises some 3.4 million sq m, and includes around 3 km
of coastline which is believed to be the last stretch of available coastline in
Montenegro. The Company's tender submission proposes a development which would
include:

  * A golf course, with a 4 star golf hotel (400 beds) and villas (for sale);
   
  * A 5-star beach hotel (500 beds) with villas and apartments (for sale);
   
  * A 4-star hotel (400 beds) including a Wellness centre and Spa, with villas
    and apartments (for sale); and
   
  * Amenities such as a casino, a night club, a water park, around 15
    restaurants, and other communal facilities.
   
The tender was made in conjunction with an international hotel management
company, an Austrian construction company, a Croatian firm of architects and an
international golf course design and development company

The next stage is for the Company to enter contract negotiations with the
tender commission, and once the concession contract is agreed and signed, the
project planning process will commence, which is expected to take around 18
months.

Project finance will be sought when appropriate. The resort is expected to
create between 400 and 600 jobs locally once complete.

Gerhard Huber, chairman, commented:

"We are delighted to have won this prestigious tender. We believe that our
presence in Croatia, and specifically in the Olive Island Resort project,
allowed us to participate credibly in the Valdanos tender, and ultimately to
win it."

Progress continues to be made in the Company's Croatian businesses, projects
and tenders, and updates will be provided at the appropriate time.

For further information please see www.cubuslux.com or contact:

Steve McCann
Cubus Lux plc
[phone]

Simon Sacerdoti/Liam Murray, Nominated Adviser
Dowgate Capital Advisers Limited
[phone]

Claire Louise Noyce/Stephen Austin, Broker
Hybridan LLP
[phone]

Pam Spooner
City-Road Communications
[phone]
[phone]