TUCKERTON SEAPORT SUCCESSFULLY SETTLES
 FORECLOSURE PROCESS

Seaport Looking Forward To A Successful Future

Tuckerton, NJ - Tuckerton Seaport has successfully negotiated a settlement
to eliminate a $3.6 million Sovereign Bank mortgage and end the foreclosure
process that began on March 5, 2004.

Tuckerton Seaport has completed a 14-month financial and operational
turnaround that began in first quarter 2003. This successful turnaround has
allowed the Seaport to generate new funding sources and reach a negotiated
settlement with Sovereign Bank. United State Senator H. James Saxton
provided key support to resolve this matter.

Tuckerton Seaport is in the process of restructuring its only remaining
debt, which is a $1.25 million loan with the State of New Jersey Economic
and Growth Commission. New Jersey Senator Leonard Connors continues to
assist the Seaport in settling this issue with the State.

Support from the membership, contributors, staff, volunteers and the
community has been instrumental in securing the Seaport’s current success
and financial future.

“The Board of Directors at Tuckerton Seaport remains committed to making the
Seaport’s future a bright and healthy one,” said Gene Sullivan, Treasurer.
“Our season is now underway and we are anticipating much success in 2004 and
the future.”