Press release 21/8/2006

CEC LINES LTD.

By agreement, CLIPPER ELITE CARRIERS LTD. has sold its interests in CEC LINES LTD., a shipping company engaged in liner and heavy lift transport operating in Europe-Mediteranean-Black Sea and the Persian Gulf with FLAMAR - Zeebrugge as general agent.

Consequently, and effective August 17th 2006, CEC LINES LTD. will change from operating under its present name, and will be re-named OLDENDORFF EXPRESS LINES short OXL and continue its activity in joint venture with OLDENDORFF CARRIERS, Lubeck and operate a world wide heavy lift and project service, managed by FLAMAR-Belgium

CLIPPER ELITE CARRIERS LTD. will continue to serve the project/heavy lift market by offering various 'Project Parcel Services' world wide.

Signed:

Per Gullestrup-CEO-Clipper-Elite-Carriers a/s Copenhagen

Alphonse Daenens -managing director FLAMAR -Zeebrugge-Belgium