Yntegra Condemns Continued Misinformation Campaign And Baseless Allegations Regarding Sampson Cay Project

EXUMA, BAHAMAS – Yntegra Group notes the recent statement issued by Turtlegrass Resort regarding its development on East Sampson Cay. We are compelled to address these baseless assertions directly, as they intentionally misrepresent our project, our commitment to The Bahamas, and the terms of our agreement with the Government. The Turtlegrass statement consistently quotes statements out of context in an attempt to divide the community. Unfortunately, this narrative is part of a continued pattern of misinformation designed to mislead the public. 

We urge the public and stakeholders to look at the facts rather than sensationalized rhetoric.

In fact, it was Bahamas Industries Construction Company, a Bahamian-owned company operating in Exuma, that announced that it was ready to hire almost 150 Bahamians to begin work on the development. This hiring was halted due to legal actions at the direction of Mr Coughlin. Regrettably, especially as we head into the holiday season, he has shown no empathy for the adverse impact his actions are having on the local community. Instead, he has chosen to malign a Bahamian business owner celebrating a major hiring initiative and their efforts to employ Exumians.

The statement’s reference to foreign contractors is also both inaccurate and disingenuous. While two contractors are referenced in the Heads of Agreement (HOA), the Turtlegrass release states that both contractors are from Singapore. This is simply not true. Regarding the requested work permits, one contractor is a global specialist in structures made with environmentally friendly timber. This material is complex and requires very specialized skills. The second contractor will be engaged in facilitating construction activities that also include using environmentally friendly timber, as well as installing solar panels and using other sustainable building methods to minimize the carbon footprint of the resort.

The issuance of work permits will be based on the unavailability of the relevant expertise and qualifications In the Bahamian workforce. Engaging these experts will also provide an opportunity for Bahamians to be trained for future work in this area, in keeping with the commitment in our HOA to providing sustained multi-disciplinary on-the-job technical skills-training and apprenticeship programs.

Moreover, the use of environmentally friendly timber aligns with Yntegra’s previously shared LEED certification initiative and demonstrates our commitment to the highest global standards for environmental practices in resort development. Turtlegrass cannot, on the one hand, claim that the Yntegra project is not environmentally sustainable, while on the other hand, criticize the project for taking the necessary steps to ensure that it is.

Any mention of work permits for specialized construction and managerial staff in our Heads of

An agreement is standard for resort development HOAs. Even the Turtlegrass Resort HOA speaks to the government’s agreement to “facilitate the grant of work permits for jobs requiring special skills and expertise” (Turtlegrass Resort Heads of Agreement, Section 3.1[b]). Just like Turtlegrass, Yntegra is subject to maintaining a ratio of 80% Bahamians to 20% non-Bahamians through all phases of the development, as well as Bahamian immigration and labour laws. The policies and processes for obtaining work permits, including advertising available positions so that qualified Bahamians have an opportunity to apply, also remain the same. Given the facts, these assertions by Turtlegrass seem desperate and incoherent.

As repeatedly stated, the Rosewood Exuma project is projected to create more than 500 well-paying jobs for Bahamians through construction and operations. Yntegra has long committed to providing Bahamians with employment opportunities at every level of development when in operation, with a focus on career advancement. Yntegra has not only shown its commitment to job creation but also to

entrepreneurial opportunities for Bahamian business owners. In addition to holding job interest sessions with residents in Staniel Cay, Farmers Cay, and Blackpoint, which resulted in a jobs database of 180people, we announced a first round of business opportunities for local entrepreneurs related to “heart of house” services, including a restaurant, bakery, coffee shop, a hair salon, and leisure experiences. At last count, more than 350 Bahamians and 40 Bahamian companies are currently interested in working with Us.

While we have taken this opportunity to strongly refute the accusations made by Turtlegrass, we refuse to continue to engage in a public feud that only serves an audience of one, all while broader opportunities are halted for so many Bahamians. We remain open to working directly with Turtlegrass so that our projects can coexist for the benefit of the local community. The people of the Exuma Cays have already said that they want a compromise to be reached, and they are ready to move forward. We are listening to them. Open dialogue, rather than irrational public attacks, is the only way to create a path forall Bahamians in Exuma, especially in the Cays, to benefit from the tremendous progress happening there.

About Yntegra Group

Founded in 2006, Florida-based investment firm Yntegra Group has evolved into a multifaceted investment firm with a special focus on real estate development and hospitality. Through its financialarm, Yntegra Capital actively engages in high-yield opportunities, leveraging its expertise as a leadingprivate equity investor. With a combined investment experience of the principals exceeding $3 billion ofdeployed capital and over $1.2 billion on a discretionary basis, Yntegra is more than an investment firm – it’s a testament to innovation, sophistication, and the relentless pursuit of excellence. For more information, please visit www.yntegragroup.com.