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Thursday, October 12, 2006 7:51:24 PM
NEW YORK, Sep 28, 2006 (BUSINESS WIRE) -- First Guardian Financial Corporation (Pinksheets: FGFC), today announced it has agreed to an offer to acquire its interest in its land contract to purchase 50 acres in Canada.
The terms to acquire the company's rights in the contract is for $106,000 (Canadian) per acre for a total of $5,300,000 (Canadian), the company has a 51% interest in the deal thus giving the company a gross profit of $1,173,000 (Canadian) before legal and other expenses.
The company expects contracts to be executed within the next 5 business days and a closing of the deal to take place on or before October 16, 2006.
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