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Commonwealth American Financial Group Executes Contracts to Purchase a 56 Acre Parcel of Land.

MIAMI -- Commonwealth American Financial Group, Inc. (Pink Sheets:CWFG) announced today that it has executed signed contracts to acquire 56 acres of land in North Central Florida. The 56 acre parcel of land will be developed and sub divided into equal sized lots and will be sold to prospective purchasers or builders. The planned effective date of the contract will commence on December 8, 2005. The closing is dependant on Commonwealth receiving satisfactory title, appraisals and other legal obligations necessary to ensure that closing can take place.

The parcel is situated in a very high growth area of North Central Florida. Prices in the area have dramatically increased in the last 18 months due to historically low interest rates and general growth and interest in the Florida Real Estate Market. The company expects a net return on investment of approximately 42%. This is based on current land sales in the area and development construction costs taken into consideration. The development will get under way immediately upon a completed closing. The company will then also begin a sales and marketing campaign for the property.

Ms. Ryals, President and CEO, said: "The Florida real estate market continues to offer Commonwealth American Financial Group, Inc. and its shareholders opportunities to be involved in the real estate market. This property is situated in a very attractive neighborhood and the relative price comparables offer us both equity in the property, and high yield returns once development is completed. We are very excited about this and expect to land more opportunities comparable to this in the near future."

The mission of Commonwealth American Financial Group, Inc. is: To invest in land development projects either as developer, joint venture partner, or lender and create mezzanine-financing opportunities. The company will also grow by acquiring subsidiaries in related fields such as construction, real estate brokerage-appraisal-management, in Florida, Texas and Louisiana.

The Company has established a website http://www.cwmf.net and trades under the symbol (Pink Sheets:CWFG).

FORWARD LOOKING STATEMENTS: This information includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to mange growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel as related to the industry. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances.
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Publication:Business Wire
Date:Dec 8, 2005
Words:426
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