Basic Element and Island Global Yachting sign Memorandum of Intent to operate World-leading marina in Sochi

SOCHI, RUSSIA / FORT LAUDERDALE, FLORIDA (November 12, 2009): Basic Element, Russia’s leading diversified investment company, has today signed a memorandum of intent with Island Global Yachting (IGY) to manage a world-leading marina complex in Sochi, paving the way for significant employment and investment opportunities in the region. IGY is also considering an option to become a co-investor in construction of the complex. (click here to read the complete release: http://www.igymarinas.com/media/basicelementigysochi.pdf