SWKJ - yessiree, rest a couple days, then should head back to much higher levels. Everyone expected yesterdays PR to be a blockbuster, it wasn't needed but it showed the company has a good public relations plan. This will do nothing but bring very positive attention to the company from Phuket officials. People need to see the big picture. Per the PR from December 30, we should see some great news on contracts that have already been awarded, but waiting for final approval:
December 30, 2005 - 8:00 AM EST
SiteWorks Building & Development Co. Discusses Events of 2005 and Outlook for 2006
The Management of SiteWorks, Inc. (OTC BB: SWKJ), a construction and real estate development company, ends its fiscal year with several major projects slated to start in early 2006.
Michael Nurse, President of SiteWorks, said, "This has been a watershed year for SiteWorks. We have had several major milestones this year:
"Administratively, SWKJ started trading on the OTC:BB in the second half of the year. We moved from the developmental stage to an operational organization with construction contracts realized and in process. We have started a number of smaller contracts in south Florida, a few of which management anticipates will be completed in early 2006. Other contracts, though awarded, will not start until the plans are approved by the respective building departments, and the Company cannot estimate start dates.
"We acquired a property in Chiefland, Florida which we plan to develop and which we anticipate will be our first major development project. The property was recently appraised at $2,300,000.00
"The company was able to secure a number of major construction Projects in Thailand with the help of Prestige Asia. The projects include affordable housing units, luxury housing and a condo project. There is also a resort hotel project in Hainan, China currently in the planning and design stage."
"Also in the last quarter, we have executed a number of funding agreements .The company has entered into loan agreement with Takely Investments for a loan of up to $450,000. The loan is secured by restricted common stock. The company has also entered into a purchase agreement with Mercatus Partners of Italy for $250,000 of Restricted Reg S stock. Any proceeds derived from these fundings will be used for working capital purposes. We are seeking to refinance the Chiefland property for $1,200,000 in the first quarter of 2006. Net proceeds from the Chiefland funding will be used for construction of the project."
In 2006, the company will focus on the completion of its existing contract backlog and continue to work with various consultants to develop additional significant revenue streams including service contracts, real estate development projects, locally and internationally. The company sees major opportunities in South East Asia as the demand for housing and infrastructure development there grows. Management's goal in 2006 is to be well positioned to undertake similarly sized projects locally and nationally.
About SiteWorks Inc.
SiteWorks, Inc. is a Florida company engaged in the business of total site and built environment solutions. The company's core business is the construction of housing developments, condo conversions, and middle-income multifamily buildings. SiteWorks, Inc. also performs construction management and general construction services. Other services provided include the marketing and distribution of innovative construction related and other technology products.
This press release contains "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements that are included in this press release other than statements of historical fact are "forward-looking" statements. Although SiteWorks believes that the expectations reflecting in these forward-looking statements are reasonable, it can give no assurance that such expectations will materialize. Important factors could cause actual results to differ materially from the expectations as disclosed herein, including without limitation, in conjunction with these forward-looking statements contained in this press release.
Source: Market Wire (December 30, 2005 - 8:00 AM EST)
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