21st Century Frontier Group Signs Letter of Intent with IMG Inc. to Purchase and Develop Ponce Port Project in Puerto Rico.MOUNT LAUREL, N.J.--(BUSINESS WIRE)--July 8, 1998--21st Century Frontier Group Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :TCFG TCFG Trillion Cubic Feet of Gas (Natural Gas) ), a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , announced Wednesday that it has entered into a Letter of Intent dated June 30 with International Monetary Group Inc. (IMG IMG International medical graduate, see there Inc.) of Jupiter, Fla. to purchase and develop a property known as the Ponce Port Project located in Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . Upon the plan proposal if approved from the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. District of Puerto Rico, IMG will cause $3 million to be infused into a new company to be established. Under the terms of Letter of Intent, approximately $1.9 million will be paid for the removal of liens and encumbrances under the plan or reorganization. The Letter of Intent further provides that $1.1 million will be used to develop the first phase of the Ponce Port Project. This project will involve the development of approximately 200 acres of shore front property. The agreement contemplates the creation of a preferred class of stock in 21st Century Frontier Groupto be issued to new company in exchange for the rights to the development of the project. 21st Century will provide management expertise to the project. During the first phase, 21st Century will supervise the extraction of sand, dredged from the site with approximately $15 million in potential revenues as determined by the estimates of Corrotek Corp., Consultant. 21st Century Frontier Group has also terminated the arrangement with Cycletech Inc. and all obligations thereunder, Laurence Zitkevitz, president of 21st Century, stated: "We are disappointed that we were not able to conclude this agreement." 21st Century has hired Thomas Miller Thomas Miller may refer to:
This press release contains forward looking statements which involve numerous risks and uncertainties as defined by the Securities Act of 1933 & 1934, as amended, and are subject to the safe harbors created thereby. While management believes that such information contained herein is reasonable, there can be no assurance as to their accuracy and no such guarantee or warranty is made or implied by the company, management affiliates or associated entities. This information is based upon assumptions from the company's business plan, which is taken from sources deemed reliable, however the accuracy thereof cannot and is not guaranteed.
CONTACT: 21st Century Frontier Group Inc.
Laurence T. Zitkevitz, 609/228-8500, 609/228-8561 (fax)
www.emccorp.com
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