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Friday, August 08, 2008 12:17:51 PM
**BCND ~ $15m = .006 pps market cap
Salvage alone at $5.5m ....
*$5m / 2.3b o/s = .002 pps = $5m market cap
Beacon Redevelopment Industrial Corporation
Rejects an Unsolicited 5.5 Million Dollar Salvage Offer From a Salvage Contractor
NORTH HUNTINGDON, Pa., July 24 /PRNewswire-FirstCall/ -- Beacon Redevelopment Industrial Corporation (OTC:BCND) today announced it has rejected a 5.5 million dollar unsolicited salvage offer for its Westmoreland PA property. Instead, the company will put the demolition/recyclable contract out for bid.
The company believes that the salvageable value of the property to be in the range of $15,000,000 to $18,000,000 million dollars and anything less than that is unacceptable.
"I have the fullest desire to demolish and redevelop the Westmoreland site; however I will not compromise the value of the property or its redevelopment value for a quick gain. The dismantling and salvage sale will be done in the best interest of the shareholders and the company," said Adam Marek, President.
Beacon estimates that there is between 9 and 10 million recyclable Chicago bricks that have a wholesale value of 0.50 to 0.75 cents a piece. In addition, Beacon also estimates that there is at least 40,000 tons of recyclable steel with a value (at today's scrap steel prices of $250.00 to $300.00 per ton).
About The Property:
A group of investors built the factory in 1889, and the first glass from the factory was sold in 1890. Historical documents indicate that the factory was purchased because of the natural gas on the land. To this day, natural gas wells exist on the property. It also has rail access that can be utilized once a new complex is built.
Beacon PA recognizes the historical impact of the former Westmoreland Glass Company factory and is investigating the feasibility of creating a commemorative brick to collectors with a notarized certificate of authenticity. The Westmoreland Glass Company factory is a famous facility and its glass is the subject of two separate collector organizations. The Westmoreland Glass Society (http://www.westmorelandglassclubs.org/) and the National Westmoreland Glass Collectors Club (http://www.westmorelandglassclub.org/) members monitor and collect Westmoreland Glass. Therefore, we believe that we should offer such a program to collectors.
About Beacon Redevelopment Industrial Corporation
Beacon specializes in acquiring undervalued deteriorating properties that offer the potential for above average return on investment, the properties must offer recyclable/salvageable materials along with the potential for redevelopment; the company also seeks along with the above for mentioned, properties that have the possibility for governmental grants, tax rebates or deferments as part of their criteria for acquisition. Please visit the company's website at http://www.beaconredevelopment.com/ for all the latest information and updates.
At the present time, BCND does not have any convertible notes that require us to issue stock at below market value. We do not welcome solicitations for loans that result in convertible notes. Our management is opposed to "death spiral" financing and will not consider entering into any such program.
We are not presently soliciting accredited investors or institutional investors other than those who choose to trade our securities on the open market and after completing their own due diligence. In the event we determine that a private placement program from new accredited investors should go into effect, we will seek offers.
Salvage alone at $5.5m ....
*$5m / 2.3b o/s = .002 pps = $5m market cap
Beacon Redevelopment Industrial Corporation
Rejects an Unsolicited 5.5 Million Dollar Salvage Offer From a Salvage Contractor
NORTH HUNTINGDON, Pa., July 24 /PRNewswire-FirstCall/ -- Beacon Redevelopment Industrial Corporation (OTC:BCND) today announced it has rejected a 5.5 million dollar unsolicited salvage offer for its Westmoreland PA property. Instead, the company will put the demolition/recyclable contract out for bid.
The company believes that the salvageable value of the property to be in the range of $15,000,000 to $18,000,000 million dollars and anything less than that is unacceptable.
"I have the fullest desire to demolish and redevelop the Westmoreland site; however I will not compromise the value of the property or its redevelopment value for a quick gain. The dismantling and salvage sale will be done in the best interest of the shareholders and the company," said Adam Marek, President.
Beacon estimates that there is between 9 and 10 million recyclable Chicago bricks that have a wholesale value of 0.50 to 0.75 cents a piece. In addition, Beacon also estimates that there is at least 40,000 tons of recyclable steel with a value (at today's scrap steel prices of $250.00 to $300.00 per ton).
About The Property:
A group of investors built the factory in 1889, and the first glass from the factory was sold in 1890. Historical documents indicate that the factory was purchased because of the natural gas on the land. To this day, natural gas wells exist on the property. It also has rail access that can be utilized once a new complex is built.
Beacon PA recognizes the historical impact of the former Westmoreland Glass Company factory and is investigating the feasibility of creating a commemorative brick to collectors with a notarized certificate of authenticity. The Westmoreland Glass Company factory is a famous facility and its glass is the subject of two separate collector organizations. The Westmoreland Glass Society (http://www.westmorelandglassclubs.org/) and the National Westmoreland Glass Collectors Club (http://www.westmorelandglassclub.org/) members monitor and collect Westmoreland Glass. Therefore, we believe that we should offer such a program to collectors.
About Beacon Redevelopment Industrial Corporation
Beacon specializes in acquiring undervalued deteriorating properties that offer the potential for above average return on investment, the properties must offer recyclable/salvageable materials along with the potential for redevelopment; the company also seeks along with the above for mentioned, properties that have the possibility for governmental grants, tax rebates or deferments as part of their criteria for acquisition. Please visit the company's website at http://www.beaconredevelopment.com/ for all the latest information and updates.
At the present time, BCND does not have any convertible notes that require us to issue stock at below market value. We do not welcome solicitations for loans that result in convertible notes. Our management is opposed to "death spiral" financing and will not consider entering into any such program.
We are not presently soliciting accredited investors or institutional investors other than those who choose to trade our securities on the open market and after completing their own due diligence. In the event we determine that a private placement program from new accredited investors should go into effect, we will seek offers.
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