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National Residential Properties (NRES)
National Residential Properties, Inc. Board of Directors Passes
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Sunday, December 09, 2001 4:07:11 AM
National Residential Properties, Inc. Board of Directors Passes 10% Dividend
Dividend Will be Paid January 10, 2002
MIAMI--(BUSINESS WIRE)--Dec. 7, 2001--National Residential Properties, Inc. (OTCBB:NRES.OB - news) announced today that on November 19, 2001, the Board of Directors determined that the Company would pay a Common Stock dividend of one-tenth share for each share of Common Stock to holders of record on November 19, 2001. The Company anticipates that the common Stock dividend will be paid on or about January 10, 2002
ABOUT THE COMPANY
NRES, based in Miami, is a fully reporting company. NRES has 4 major projects where the company owns the land and is either under construction or in the plans and permitting process. The company's business is real estate development. NRES projects are:
Building a 60 unit luxury apartment house in Miami known as GRANADA GRAND, upon sale the company will generate $7,000,000 revenues and $2,500,000 net income.
At Conquistador Plaza, the 60 unit apartment building the company has under construction at 2270 SW 32 Ave, Miami, it is expected that the building will be finished and tenants in the building during the first quarter of 2002.
Now under construction, the company is developing a subdivision in Vero Beach, Florida, known as EAGLE TRACE. EAGLE TRACE is a heavily deed restricted, walled, gated community with a lake in the center. NRES will build houses and sell lots to other builders. The sale of the lots in EAGLE TRACE will generate $1,500,000 net income in year 2001-2002. Eagle Trace is a 62 unit subdivision that is being developed by the company. 1/3 of the lots are on the lake. The company has recently received a commitment from builders for the first 6 lots.
A 60 unit condominium project known as THE RESIDENCES AT BAY HARBOR, located on Bay Harbor Island, which will generate $12,000,000 in revenues and a $2,500,000 profit to the company in year 2002. The building is pre-sold to one buyer before being built, generating $2,500,000 profit to the company.
A 70 unit apartment house in Miami known as BARCELONA APARTMENTS, generating upon sale $8,000,000 revenues and $3,000,000 net income in 2002.
NRES has signed a contract to acquire the stock of Capitol Guard Corporation thru a merger. Capitol Guard is a security company that provides guard service to office building, condominiums, hotels and motels in Palm Beach and Broward Counties, Florida.
The Company sold and closed on the properties in Connecticut and the approximate $1,000,000 profit will be shown on the 10-QSB for the quarter ending December 31, 2001.
The company has authorized a stock repurchase program for up to 10% of the company common stock.
This document contains certain forward-looking statements regarding NRES, including statements about its operations, prospects and expectations about future financial results, including, but not limited to future revenues and earnings. The words ``estimate,'' ``anticipate,'' ``possible,'' ``seeking'' and similar expressions identify forward-looking statements which speak only as to the date the statements are made. These forward-looking statements involve risks and uncertainties which could cause actual results to differ materially and are subject to change at any time. NRES' actual results could differ materially from expected results. NRES undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2000, filed with the Securities and Exchange Commission as well as subsequent reports filed on Forms 8-K and 10-QSB.
National Residential Properties, Inc., Miami
Richard Astrom, 305/573-8882
Fax 305 573 5164
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