Commonwealth American Financial Group Executes Letter of Intent to Acquire a 56 Acre Parcel of Land.MIAMI Miami, cities, United States
Miami (mīăm`ē, –ə).
1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Commonwealth American Financial Group, Inc. (Pink Sheets:CWFG) announced today that it has executed a definitive letter of intent and tendered an earnest money A sum of money paid by a buyer at the time of entering a contract to indicate the intention and ability of the buyer to carry out the contract. Normally such earnest money is applied against the purchase price. deposit to acquire a 56 acre parcel of land in North Central Florida North Central Florida is a region of the U.S. state of Florida. It comprises the north-central part of the state and encompasses Alachua, Bradford, Columbia, Gilchrist, Hamilton, Lafayette, Madison, Marion, Putnam, Suwannee and Union counties. . 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 agreement is subject to clear title and all applicable laws.
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 project will get under way upon a completed closing. The company will then also begin a sales and marketing campaign for the property.
Ms. Ryals, President and 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. , said: "We are very excited about this acquisition as it creates another revenue stream for the company. This type of acquisition is consistent with our goals and objectives in building the company's real estate/development division. We will continue to acquire additional real estate projects such as this that will yield high returns."
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 Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage 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 ob·li·gate
tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates
1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force.
2. To cause to be grateful or indebted; oblige. to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this issue.