The 11th August 2006 Press Release denying resignation

The following press release was issued regarding the resignation (or non-resignation) of the Director Paul Rusling and Company Secretary David Talbot:-

"The Company has experienced several problems this year, mostly resulting from the previous delays encountered by the project. These have manifested themselves in further delays which have been explained to our regulator and which are now being resolved. One fundamental change currently underway is the strengthening and expansion of the team and our Board of Directors.

Rumours of resignations from the Board are inaccurate; specifically, the founder of the project, Paul Rusling, has not left the Company. The misunderstanding may be the result of a posting error.

For the avoidance of doubt, the Board has neither received nor accepted any resignations. Indeed, the converse is happening with the appointment of a Station Director / General Manager and a Finance Director. As it is a condition of our licence that Board changes be first notified to the regulator (the Communications Commission) and a matter of courtesy that these be approved by shareholders before making them public, a more detailed announcement will be made once compliance matters are duly completed.

ENDS

Issued by Rodney Collins on behalf of Isle of Man International Broadcasting plc."