In the second quarter of 2000 Grace, Kennedy & Company Co., LTD. was invited to enter into negotiations with Nissan Motor Company, Japan, for the distribution of Nissan vehicles in Jamaica in a joint venture deal with Goddard Enterprises Limited headquartered in Barbados.

Goddard currently operates Nissan dealerships in Barbados, St Lucia and St. Vincent. They are also our joint venture partners in the operation of Versair In-flight Kitchen in Jamaica.

After exhaustive evaluation of the project along with long negotiations with Nissan's negotiation team we were invited to go to Japan to participate in their Global Executive Conference and continue further negotiations to represent Nissan in Jamaica.

Immediately after the Executive Conference conclusion we were able to wrap up the negotiation with the signing of the agreement on November 6, 2000.

We, the representatives of Goddard Enterprise and Grace, Kennedy, Nicholas Mackie and Esric Halsall respectively whilst in Japan were also able to negotiate agreements to distribute trucks for Nissan Diesel Co. as well as forklifts and heavy duty tow trucks with Nissan Forklift Co.

Fidelity Motors was incorporated in Jamaica during the month of December as the joint venture vehicle to provide Jamaican consumers with a wide range of Nissan Vehicles.The share holding in the Joint venture is 70% Goddard and 30% Grace. The company will be managed by Goddard.