What about the valuation of resort joint venture?...Russell Industries Announces Joint Venture
Wednesday, January 17, 2007 09:52ET
HOUSTON, Jan 17, 2007 (BUSINESS WIRE) -- Russell Industries, Inc. (RSDS.PK) has entered in a joint venture agreement with Nassau, Bahamas-based Andros Isle Development, Ltd., a wholly owned subsidiary of Andros Isle Development Corporation (AVPJ.PK). "The purpose of the Joint Venture is to facilitate the acquisition and development of Condo Hotels, Luxury Resorts, marinas and high end and resort communities in the Commonwealth of the Bahamas," Rick Berman, President and CEO, Russell Industries.
The joint venture team in charge of managing the operations of the yet to be named venture is currently analyzing potential projects, and hopes to announce the first joint project in the coming weeks. The team is focusing on hotels that are currently operational that can be redeveloped as condo hotels, as well as, small, ultra luxury development projects in the family islands.
About Russell Industries, Inc.
Russell Industries is a holding company that owns 54 uranium and vanadium mining claims located in East Canyon, Monticello, Utah and plans to acquire assets in several diverse industries, including the resort hotel and condominiums in the Commonwealth of the Bahamas.
About Andros Isle Development Corp.
Andros Isle Development Corporation (OTC:AVPJ) is a publicly traded real estate development company that specializes in the acquisition and development of luxury resort communities in the Caribbean Basin, and in converting luxury hotels into Condo Hotels.
Safe Harbor
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision.
SOURCE: Russell Industries, Inc.
Designated Marketing
Investor Relations
Donson Brooks, 972-731-5112
Fax: 972-731-9443
www.designatedmarketing.com
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