Pangaea Holds Annual General Meeting and Announces Construction is Underway at Its Housing Developments in Kenya and Zambia

Gaborone, Botswana, May 23, 2008 --(PR.com)-- Pangaea Development Holdings Limited held its second Annual General Meeting on Tuesday, 20 May at the Gaborone Sun Hotel. During the meeting, Mr. Barry Newton, Pangaea’s Chairman, announced that house construction and sales were underway at its major housing estate developments in both Kenya and Zambia.

Bruce Bouchard, Pangaea’s Managing Director, indicated that the Kenya project, termed “Three Hills Eco-City, is located just north of the coastal city of Mombasa, and is planned for about 6,250 total housing units of 2 and 3 bedroom apartments and 3 and 4 bedroom houses and is being financed by Kenyan based banks and financial institutions. It is being developed by Hacienda Development Holdings Limited, a joint venture company between Pangaea and its local partner, Hacienda Development.

Mr. Bouchard also noted that the project in Zambia, the Lilayi Housing Estate Development, which is within the Lusaka City Council boundaries, contemplates the construction of approximately 3,700 housing units of varying sizes. In addition to Pangaea, the development company, Lilayi Development Holdings, has three other shareholders, including City Investments Limited, Houses for Africa, and Madison Insurance Company. The development is being financed by a combination of infrastructure financing from the Netherlands Development Finance Company (“FMO), and construction financing from Standard Bank of South Africa through its wholly-owned subsidiary in Zambia, Stanbic Bank Zambia Limited. In addition, he indicated that Pangaea and its partners in Zambia managed to secure support from the Overseas Private Investment Corporation (“OPIC”) of the US to permit it to extend term financing to potential home buyers in that country.

Eric Postel, Pangaea’s Finance Director says that the company’s plans for the balance of 2008 are to continue to emphasize housing construction and sales in the two existing developments while diversifying the sources of construction financing available for those projects. He also noted that the company would be exploring alternative equity capital raising strategies, which, if implemented, would provide the company with additional capital for investment in its existing joint venture companies and potential new project developments.

Pangaea was incorporated in Botswana in 2006 and was licensed by the International Financial Services Centre (“IFSC”) in that country during the same year. It is a Pan-African regional property investment and development company that focuses on investments in the development of affordable housing estates in selected African markets. Pangaea’s shares began trading in Botswana’s “over-the-counter” (“OTC”) market in December 2007.

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For more information contact: Mr. Bruce Bouchard, Managing Director
Pangaea Development Holdings Limited
Plot 1131-1137, Ground Floor, BIC House, Main Mall
P.O. Box 46899, Village
Gaborone, Botswana
Tel: +267 390-6855

Eric G. Postel
Finance Director
Pangaea Development Holdings Limited
1210 North Westfield Road
Madison, WI 53717-1040 USA
US Tel: (1) 608-347-0192
US Fax: (1) 608-836-5060
Email: epostel@pangaeapartners.com

www.pangaeadevelopmentholdings.com