NANA Development Corporation signs a definitive agreement to acquire Grand Isle Shipyard, Inc.

On May 5, 2011 NANA Development Corporation (NDC) signed a definitive agreement to acquire Grand Isle Shipyard, Inc.  As part of the transaction, NANA Development Corporation is pursuing a refinancing of its credit facilities as well as those of Grand Isle Shipyard, Inc.

NDC and Grand Isle Shipyard expect to have an agreement finalized by the end of June, 2011. At that point, both companies look forward to sharing more information.