Azur International, Inc. is an international real estate development company based in Fort Lauderdale, Florida. The company currently develops and markets luxury residential and resort properties. Azur has several real estate projects under development and consideration, including the development of luxury hotels and resorts, domestically and internationally, and land purchases in strategic areas that can provide inventory for future development or sale. For additional information about Azur International, Inc., go to www.Azur-Int.com.
FT. LAUDERDALE, FL -- (MARKET WIRE) -- 01/10/07 -- Azur International, Inc. (PINKSHEETS: AZRI), a luxury residential and resort development company, announced today that Azur Holdings, Inc., a majority owned subsidiary, has announced the results of a new MAI appraisal on the Shell Landing Development Property and other related parcels. In October of 2006, Shell Landing received unanimous votes from the city council members of the City of Gautier approving the re-zoning of certain parcels from single-family development to Planned Unit Development. A Planned Unit Development zoning for these parcels increased the property's density by over 2,000 units. Through a combination of these re-zoned parcels and an increase in property values, which are illustrated below, the new appraisal valued this property at $31,185,000. A previous appraisal valued the property at $19,170,000. This is an increase of over 60% from the previous appraised value.
In addition, Azur Shell Landing Resort, Inc. has an option to purchase an additional tract of land. This property is valued at $11,600,000, pursuant to this new appraisal.
Parcel Previous Current Description Appraised Value Appraised Value --------------- --------------- 221 Existing & Proposed Residential Estate Lots $ 10,280,000 $ 10,810,000 330 +/- acres $ 2,500,000 $ 8,100,000 14.29 +/- ac. Condo Site $ 1,700,000 $ 1,800,000 18.08 +/- ac. Condo Site $ 2,000,000 $ 2,600,000 20.00 +/- ac. Apartment Site $ 800,000 $ 1,500,000 2.10 +/- ac. Townhome Site $ 300,000 25.37 +/- ac. Townhome Site $ 3,100,000 10.91 +/- ac. Commercial Land $ 390,000 $ 545,000 60.86 +/- ac. Commercial Land $ 1,500,000 $ 2,430,000 398 acres (option tract) *$ 10,000,000 $ 11,600,000 Total New Appraised Value (with option tract) $ 42,785,000
*Option Purchase Price
As a result, the combination of all the property parcels creates a new appraised value at $42,785,000.
About Shell Landing Development
Azur Shell Landing Resort Development is a master planned golf course community on approximately 1,400 acres. The Shell Landing golf course is a Davis Love III Signature design and has received numerous accolades. www.ShellLanding.com
November 18, 2005, there were 70,888,536 Outstanding
633 SE 3rd Avenue Suite 203 Ft. Lauderdale, FL 33301
Transfer Agent Standard Registrar and Transfer Co., Inc., 12528 South 1840 E. Draper, UT 84020
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