Press Release Source: FSBO Media Holdings, Inc.
FSBO Media Holdings Forms Housing Subsidiary "Key Tec Homes Inc." With Gulf Coast Developer to Construct 10,000 Affordable Homes
Monday May 21, 9:30 am ET
One of the Missions of the Subsidiary Is to Bring Affordable Housing Relief to the Families That Are Living in the 40,000 FEMA Trailers in Southern Mississippi
CORAL SPRINGS, FL--(MARKET WIRE)--May 21, 2007 -- FSBO Media Holdings, Inc. (Other OTC:FSMH.PK - News) announced today that it has formed a new subsidiary that will be engaged in the construction and marketing of affordable housing utilizing mass-produced innovative hurricane resistant building technologies. The company has entered into a purchase agreement with Key Tec International Inc. to acquire a 24% interest in Key Tec and the company's Contract Services Agreements.
Key Tec International Inc. has an agreement with numerous municipalities to build up to 10,000 affordable homes initially in the State of Mississippi. The company is in discussions with other governmental, social and religious groups to deliver the low cost housing under similar circumstances to other regions in the United States.
Under the terms of the Contract Services Agreement, Key Tec Homes intends to collect revenue on all homes constructed utilizing cutting-edge construction techniques that are hurricane and extreme weather resistant.
The manufacturer of this new product for the construction industry is providing "State-of-the-Art" proprietary Synthetic Composite materials and industrial processes. They also design housing solutions based on this proprietary material. The Group is a Multinational Corporation, with operations in the USA, Germany, Middle East, Africa, Central and South America. Dedicated to the design, development, manufacturing and installation in the Global Markets of cutting-edge and "State-of-the-Art" technologies, materials and solutions in the construction Industry, the company believes that its "Technology" can provide construction and housing solutions that will revolutionize the construction industry worldwide.
Steve Bazsuly, President of FSBO Media Holdings, said, "The devastation that hurricane Katrina brought to the coastal regions of Mississippi has created a surge in demand for affordable housing. Between 65,000 and 80,000 housing units suffered at least 50 percent damage in the storm. Experts believe that it will take up to 10 years to produce 10,000 replacement homes, which could affect the recovery in the region as the traditional slow methods of construction cannot meet the demand. Additionally the pressure of the casino industry's growth will require at least 30,000 new employees by 2010, which adds to the housing problem. Every casino job creates 1.5 ancillary jobs. To handle the gambling industry's need for employment it is estimated that it will take at least 100,000 housing units to meet the demand and we believe we have the building technology to meet those demands."
He also added, "There are 40,000 FEMA trailers in Southern Mississippi, which is creating unbearable hardships for those families. These families represent only part of our target market for our mass-produced affordable homes."
Due to the confidentiality and non-circumvention agreements that the company has in place with the development company and others we are unable to elaborate further on the transaction. Further and proper disclosure will be made on any material events pursuant to regulatory requirements.
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
