BlueStar Health Completes Gold Leaf Homes Asset and Operations Acquisition, Discontinues Healthcare Operations and Appoints New Chief Executive Officer.SUGAR LAND, Texas -- BlueStar Health Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BLSH BLSH Buy Low Sell High (stock traders' greeting) ) announced today that the Company has completed its acquisition of the assets and operations of Magnolia, Texas based, Gold Leaf Homes and appointed Gold Leaf CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Tom Redmon, as CEO of BlueStar. The Board of Directors also announced that, effective immediately, the Company will discontinue its Health Care operations and file for a name, trading symbol and CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. change to reflect the Company's new identity and core business of real estate development and sales. Headed by 35 year industry veteran, Tom Redmon, who held senior management positions at respected builders such as Standard Pacific Corp. (NYSE NYSE See: New York Stock Exchange :SPF (1) (Stateful Packet Firewall) See stateful inspection. (2) (Sender Policy Framework) An e-mail authentication system that verifies that the message came from an authorized mail server. ), 9 year old Gold Leaf Homes possesses a solid operating history, balance sheet, revenues, and growth prospects. Exhibiting 25% top-line revenue growth of approximately $1 Million over the last year, from approx. $4 Million in 2004 to approx. $5 Million in 2005, the Company's balance sheet features in excess of $5 Million in current inventory and outstanding contracts. Golf Leaf Homes also has pending contracts to build approximately $42 Million in homes that are awaiting finalization. In addition, the Company's Management is in initial negotiations to acquire two regional builders with annual revenues of between $5 Million and $8 Million each." Former BlueStar Health CEO, Alfred Oglesby, remarked, "We believe that the completion of this acquisition is the best thing we, as management, could do for the shareholders of BlueStar. Gold Leaf's business will allow us to drive shareholder value in the near, mid and long-term through its existing asset base and impressive and immediate growth prospects." Gold Leaf Homes and new BlueStar CEO, Tom Redmon, stated, "We are very excited to have completed this transaction and are now focusing on the business at hand. The Company's growth opportunities, particularly so with respect to the next 12 to 24 months, are simply outstanding. We will now be able to acquire other builders and developers to expand our geographic reach and benefit from economies of scale to dramatically ramp-up revenues, cut costs, increase net income margins and steal market share from competitors such as D.R. Horton, Inc.(NYSE:DHI DHI see dairy herd improvement. ), Toll Brothers, Inc. (NYSE:TOL), Pulte Homes, Inc. (NYSE:PHM) and Lennar Corp. (NYSE:LEN (Low Entry Networking) In SNA, peer-to-peer connectivity between adjacent Type 2.1 nodes, such as PCs, workstations and minicomputers. LU 6.2 sessions are supported across LEN connections. )." He continued, "Eventually, when the Company's capitalization justifies it, we intend to pursue a listing on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. and continue both our organic and selective acquisitive growth and cost cutting initiatives. About BlueStar/Gold Leaf Homes Gold Leaf Homes is a 9 year old residential home builder based in Magnolia, Texas. The Company currently builds and develops primary and vacation residences in the state of Texas with values up to $1 Million USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. . Gold Leaf's growth strategy will include organic growth in the development of complete residential communities as well as through acquisition of other regional builders to expand geographic footprint in residential, vacation and commercial building. Forward-Looking Statements This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Those statements include statements regarding the intent, belief or current expectations of BlueStar Health, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. FOR FURTHER INFORMATION, go to the Company's website at: http://www.goldleafhomes.com . |
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