ALBANY, N.Y., Jan 14, 2004 (BUSINESS WIRE) -- Vision Real Estate Management and Development, Inc. (Pink Sheets: VRMD), today announced that it has entered into a letter of intent to acquire Meridian Construction Company, Ltd. and Meridian Piling, Inc., solely for stock in Vision Real Estate Management and Development. Upon the closing of this acquisition, Vision Real Estate Management and Development company will spin out its present assets into a newly formed subsidiary.
With revenues over $5,000,000 US in 2003 and net assets of approximately $3,500,000 US, Meridian Construction Company, Ltd. and Meridian Piling, Inc. are two of the largest construction and piling companies in the British Virgin Islands. As of today Meridian Construction Company, Ltd. and Meridian Piling, Inc. have contracts exceeding $3,500,000 US. The two companies anticipate having contracts exceeding $10,000,000 US by the end of April 2004. Currently the Meridian companies are in the process of purchasing a 40% ownership interest in the development of new hotels and condominiums, with contracts worth over $15,000,000 US, bringing the company's revenues to over $27,000,000 US over the next two years.
All shareholders of record on the close of this acquisition will remain shareholders of Vision Real Estate Management and Development company, which becomes the much larger construction and piling company. Shareholders will also receive shares of the spin off of the real estate portion of Vision Real Estate Management and Development companies. More details of this deal will be announced
This is not a reco to buy! Please do your DD!
