Challenger Acquisitions Limited announced an update on the New York Wheel Project, (NYW Project) in which the company has an equity stake (USD 3 million). As previously announced, due to a contractual dispute with the wheel erectors, New York Wheel Investor LLC has terminated its contract and is in advanced negotiations with American Bridge Company, a very experienced engineering and construction firm. The Directors of Challenger remain confident that full construction of the NYW Project will recommence in the short-term for the following reasons: The main financial supporters/shareholders of the NYW Project want to see this iconic project completed as they have with a substantial number of other large scale real estate projects in the United States. The significant majority of the main components are substantially complete. The components for the four 300-foot legs are stored in Brooklyn and ready to be assembled on site. Approximately USD 400 million has been spent to date. Despite the ongoing legal process regarding a contractual dispute that the developer has with the former wheel erectors, the transfer of information and documents should continue and result in the appointment of a new contractor in the short-term. There will be more legal developments, however these will ultimately determine the financial exposure for the original design-build company, and not the future of the NYW Project.