Blue Ridge Real Estate Company and Big Boulder Corporation File Registration Statement for Rights Offering.BLAKESLEE, Pa. -- Blue Ridge Blue Ridge, eastern range of the Appalachian Mts., extending south from S Pa. to N Ga.; highest mountains in the E United States. Mt. Mitchell, 6,684 ft (2,037 m) high, is the tallest peak. Beginning with a narrow ridge in the north, c. Real Estate Company and Big Boulder Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BLRGZ) today announced that on January 5, 2005 the company filed a registration statement with the Securities and Exchange Commission pursuant to which the company proposes to offer its existing shareholders non-transferable rights to purchase shares of the company's common stock that have an aggregate value of $15,500,000, rounded to the nearest whole share. Under the proposed rights offering, each of the shareholders will also have an over-subscription right. On January 4, 2005, the company entered into a Standby Securities Purchase Agreement with Kimco Realty Services, Inc., a wholly-owned subsidiary of Kimco Realty Corporation Kimco Realty Corporation, (NYSE: KIM), is a Real Estate Investment Trust, founded in 1960, by Martin Kimmell and Milton Cooper, with "Kimco" being a contraction of their names, Kimmell and Cooper. . The agreement provides that Kimco Realty Services, Inc. will purchase any and all shares of the company's common stock not subscribed for by the company's shareholders in the proposed rights offering. Blue Ridge Real Estate Company, incorporated in Pennsylvania in 1911, is believed to be one of the largest owners of investment property in Northeastern Pennsylvania This mountainous area of Pennsylvania includes the Pocono Mountains, the Endless Mountains and former anthracite coal mining cities and towns, including Carbondale, Scranton, Pittston, Wilkes-Barre, Nanticoke and Hazleton. U.S. Presidents Harry Truman and George W. . Blue Ridge owns 18,690 acres of land which are predominately located in the Pocono Mountains Pocono Mountains (pō`kənō), range of the Appalachian system, c.2,000 ft (610 m) high, NE Pa. Forested and having many lakes and streams, the Poconos are a major resort area. . Of this acreage, 13,952 acres are held for investment and 4,738 are held for development. Income is derived from these lands through leases, selective timbering tim·ber·ing n. Timber or objects and structures made of it. by others, condemnation, sales, and other dispositions. Blue Ridge also owns the Jack Frost Jack Frost personification of winter. [Pop. Culture: Misc.] See : Winter Mountain Ski Area, which is leased to Jack Frost Mountain Company, a retail store leased to Wal-Mart, two shopping centers and 11 residential investment properties. Big Boulder Corporation was incorporated in Pennsylvania in 1949. Big Boulder's major assets are 925 acres of land, which includes a 175-acre lake, the Big Boulder Ski Area, and the Mountain's Edge Restaurant. Of the 925 acres, 539 acres are held for investment and 386 acres are held for development. The principal source of revenue for Big Boulder is derived from the Big Boulder Ski Area which is leased to Lake Mountain Company. A registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. |
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