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National Residential Properties (NRES)
National Residential Properties, Inc. Board of Directors Approves
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Thursday, April 12, 2001 7:24:23 PM
National Residential Properties, Inc. Board of Directors Approves 10% Stock Dividend
MIAMI--(BUSINESS WIRE)--April 12, 2001 --National Residential Properties, Inc. (OTCBB:NRES - news; Formerly OTCBB:NRPI), Richard Astrom, President and CEO, announced today that, ``The Board of Directors of NRES met and unanimously approved a 10% dividend to be paid in stock.'' Astrom further stated, ``Details of the stock split will be discussed with corporate attorneys and announcement forthcoming.''
Astrom further stated, ``This press release will be in Saturday's BARRON'S, Current Corporate Reports section in order to keep the company in view of America's sophisticated institutional and individual investors, financial professionals, corporate managers within the proper environment for the dissemination of corporate news.''
Launching of the web site at www.NRESP.COM is scheduled for today. The present web page is www.NRES.TV. Astrom stated, ``The company entered into a contract with Sharun Paroxy Organization LLC (www.sharun.net) for a new, modern and artistic web page with several engines for NRES office control of portions of the web page. Pictures of projects, the writing of the typed portion of the web page will be written and controlled from the NRES office, facilitating efficient communication to stockholders and investors of NRES.''
Earlier this week the company announced that it signed a lease for the leasing of the roof tops for Wireless Communications antennas with Message Center Management. The lease calls for $50,000 to $75,000 net rent to NRES per year per building to begin when the buildings are built and antenna network are in place during the first year after construction. The 4 NRES projects included are: Granada Grand Apts., Conquistador Plaza Apts., Barcelona Apts., and The Residences at Bay Harbor.
About MCM: (
MCM (Message Center Management) is a Rooftop, Tower, site Management Company based in the heart of the Northeast. Our staff of industry professionals acts as a catalyst in bringing the wireless telecommunications industry and our client's property together to develop communication networks. MCM evolved from wireless network construction. Our founders and president were one of the first land mobile license holders in the wireless industry. As a license holder of paging and SMR frequencies, with 40 years of experience, the company built a network from Maine to Florida, and in the early 1990's went on to build and launch one of the first nationwide paging networks in North America.
Over the years and throughout these builds, property owners began to ask if we could manage their rooftops, towers, and water tanks and other structures and bring on other wireless carriers. Message Center Management evolved from the request and needs of those property owners. Today MCM manages over 1,000 properties throughout the northeast and an additional 800 properties throughout the country.
The company is seeking acquisitions and land for real estate developments.
ABOUT THE COMPANY
NRES, based in Miami, is a fully reporting company. NRES has five 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 in 2002; Building a 60 unit luxury apartment house in Miami known as CONQUISTADOR PLAZA, now under construction, generating $7,000,000 revenues upon sale, and $2,500,000 net income in 2002; CONSTRUCTION PROGRESS REPORT: demolition and land clearing have been completed; the parking basement has been excavated and in process of building foundation; building forms for concrete column dowels is ongoing, when forms are in place, rebar steel will be installed; Perimeter wall to receive forms and steel are simultaneously being made ready for concrete pour, as well as underground plumbing.
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.
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. ENCORE SERVICES, INC. is a licensed building contractor, and a wholly owned subsidiary, which is building the company projects thru it's affiliate Encore Builders Inc. and subcontractors.
Forward-looking statements in this press release are made pursuant to the ``safe harbor'' provisions of the Private Securities Litigation reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company's products, competition, completion problems, technological changes and other risks.
National Residential Properties, Inc., Miami
Richard Astrom, 305/573-8882, Fax: 305/571-8357
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