Remodel Auction Closes Acquisition of Scenic Railroad and Land Assets for $21.5 Million in Cash and Preferred Stock
Dec. 8, 2010 (GlobeNewswire) --
CHARLOTTE, N.C., Dec. 8, 2010 (GLOBE NEWSWIRE) -- Remodel Auction, Inc. (Pink Sheets:REMDD) announced today it has closed its agreement to acquire 49% ownership interests in the Great Smokey Mountain Railroad of Bryson City, North Carolina, the Texas State Railroad located in Cherokee and Anderson Counties, Texas, and also a 100% ownership interest of SB Partners, LLC, which owns over 100 fully developed residential lots in the Southbridge at Berwick Plantation community in Savannah, Georgia. As part of the transaction, Remodel Auction's name is being changed to American Heritage Family Parks. (AHFP).
Heritage Tourism is a fast growing segment of the United States travel industry and the new board of directors has over 20 years of experience and a proven track record in the tourism industry.
Steve Shiver, President/CEO, states, "American Heritage Family Parks, Inc. is dedicated to the preservation and enhancement of attractions depicting America's way of life from the early revolutionary times to today's ever changing environment. We have targeted additional acquisitions which will be compatible with our mission to preserve American History through profitable, educational and entertaining endeavors. Further, this is a very positive step forward in our efforts to combine the strength of a public entity with proven management and leadership in the Heritage Tourism niche market."
Al Harper, Chairman of American Heritage Railways and Owner of the Country's flagship scenic railway, the Durango-Silverton Narrow Gauge Railroad, www.Durangotrain.com, states, "We are pleased with both the management and legal team's ability to close this transaction and I look forward to its future."
The Company will now focus on its efforts to complete negotiations to acquire Ghost Town in The Sky, in Maggie Valley which will celebrate its 50 year anniversary if opened in 2011. Ghost Town in The Sky is a 100 acre family theme park with over 150 additional acres of land located in the Smoky Mountains of Western North Carolina.
CONTACT: Remodel Auction, Inc.
Clinton F. Walker
(888) 269-0782
Fax:(208) 545-9663
info@remodelauction.com
www.gsmr.com
www.texasstaterr.com
Source: Globe Newswire (December 8, 2010 - 3:57 PM EST)
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