For Immediate Release October 23, 2007 CENTRAL HUDSON UTILITY INSTALLATION TO BECOME CENTERPIECE OF VIBRANT NEW RETAIL

DEVELOPMENT
 
Red Bank, NJ – River Development LLC and Net Properties Group today announced that they have signed a purchase agreement with Central Hudson Gas & Electric Corporation, headquartered in Poughkeepsie NY, to purchase Central Hudson’s 34-acre site known as Eltings Corners located on Route 299 and South Street in Lloyd NY.  The Red Bank NJ-based joint venture will propose an upscale retail experience in accordance with municipal guidelines.
 
“We are excited to be part of this redevelopment effort,” said Christine Burke, a spokesperson for the project. “We will work closely with themunicipality to achieve its design standards as we develop the concept for what will be a great new retail destination.”