(Dateline Embargoed, 15:30:00, London) In a landmark move, Hub Culture has completed negotiations to purchase a small island off the coast of Ecuador, in a bid to establish its own Internet Republic, the first of its kind. Access to the new nation state, dubbed the HCIR (Hub Culture Internet Republic) is limited to Hub Culture citizens, now estimated at 20,000 people. The new island state economy will transact using the Ven, Hub Culture's global digital currency.

Talks on creating the world's first Internet Republic began in 2006 with the governments of Costa Rica and Ecuador, then accelerated when the global financial crisis reduced the cost of private islands in the South Pacific and Altantic Caribbean. The new HCIR is located in the eastern Pacific, roughly 980 kilometers equidistant off the coasts of Ecuador and Costa Rica. Formerly known as Cocos Island and a Costa Rican nature reserve, the new republic covers approximately 8.3km with a perimeter of around 23.3km. The island is more or less rectangular in shape and is surrounded by extensive natural flora and fauna, including the world's only island cloud forest.

Unique currents and weather patterns in the area give the HCIR a unique ecological character not shared with any other region in the world. The island is home to as many as 65 unique endemic species and will be maintained as an environmental heritage site. Early discussions with ARUP, Mandarin Oriental and Aman Resorts for an eco-sustainable, zero-carbon settlement are nearing completion, with construction scheduled to begin the fall of 2009 for a luxury base camp settlement, educational village and planetarium viewing center.

Recognition of the new island state by traditional nation states has not yet been granted, but as the first virtual nation state in the physical world, Hub Culture and ICANN (Internet Corporation for Assigned Names and Numbers) have established a new internet TLD subdomain to mark recognition of the new state. The suffix, .hub, will apply to websites and internet related traffic originating from the HCIR and its principal portal, a to-be constructed extension service from the existing HubCulture.com.

Set against the backdrop of the G20 meeting taking place concurrently in London, a Hub Culture representative stated, "The establishment of the HCIR marks a new era of financial security and safety for HubCulture.com members - a new oasis to complement the growing network of Hub Culture Pavilions in key cities. As a people, we now have a secure nation state with its own independent currency to call home."

For more information, scale models of proposed eco-developments, or to arrange for visitation visas, please visit the new Hub Culture Internet Republic resource center, now available at HubCulture.com.

Motto: "Illuminate. Integrate. Elevate."

Founded: Virtual, October 25, 2002; Physical, November 30, 2005; Republic, March 31, 2009

Currency: the Ven (V) See global exchange rates.

Official language: English, ISM (internet slang modules)

GPS Coordinate: 05 31 08 N 087 04 18 W

Official flower: Weberocereus

Official bird: Groove-billed Ani

Official animal: Red eyed tree frog