Beacon Redevelopment Industrial Corporation Agrees to Acquire an Additional 134.5 Acre Tract of Land in West Virginia
Monday August 11, 2008 12:23:00 EDT
NORTH HUNTINGDON, Pa., Aug 11, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --
Beacon Redevelopment Industrial Corporation (OTC:BCND) today announced it has agreed to acquire an additional 134.5 acre tract of land in Lewis County, West Virginia that adjoins its previously announced acquisition of 125 acres at the same location.
This additional acquisition will bring the company's holdings to a total of 259.5 acres of land in the area, including natural gas rights (of which wells are currently operating) along with vast timber/logging rights, the company as always will take advantage of favorable financing terms that were offered and with more than one profit center. The new properties are located in the same area as the previously announced acquisition about ten miles from interstate 79 and are right off US 119/33 and have easy access to all major highways.
Beacon Redevelopment has agreed (on this acquisition) not to disclose the terms and price of the acquisition, this request has come from the seller and was a major factor in the negotiations and included in the contract.
"The company and I are very pleased to have been able to acquire these additional parcels as they fit right into our business plan of acquiring properties in this location that offer more then one area of revenue," said Adam Marek, President.
Mr. Marek also stated "It is the intent of the company to acquire land with additional resources (assets that could be sold) that will enable the company to pay for the land free and clear and then the company will develop said property with huge profit margins, to this point I believe we are on the right track."
About Beacon Redevelopment Industrial Corporation:
Beacon specializes in acquiring undervalued properties that offer the potential for above average return on investment along with multiple assets and development ability at distressed prices, the properties must offer recyclable/salvageable materials along with the potential for redevelopment and or desirable development potential; 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 www.beaconredevelopment.com for all the latest information and updates.
This press release contains certain forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
