FM PROPERTIES AGREES TO SELL ASSETS OF CIRCLE C LAND CORP.NEW ORLEANS--(BUSINESS WIRE)--Sept. 12, 1996--FM Properties Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FMPO) announced today that it has agreed to sell the assets of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Circle C Land Corp. (CCLC CCLC Community College League of California (formerly California Junior College Association) CCLC Carrier Common Line Charge CCLC Cross Cultural Learner Centre CCLC Cascading Closed Loop Cycle ), for $34 million to an investor group. CCLC's assets consist primarily of approximately 1,000 acres of undeveloped commercial and multi-family property within the Circle C Ranch Circle C Ranch is a master-planned community in southwest Austin, Texas, USA. Development of Circle C started in 1983 and the first homes were built in 1987. Today, Circle C Ranch includes more than 3,700 homes. development near Austin, Texas. During 1995, FMPO sold the residential property at the Circle C Ranch development for $15.8 million to the same investor group. FMPO has received a $1 million nonrefundable cash deposit on this transaction. The balance of the $34 million purchase price is to be paid $30 million in cash and $3 million in a secured note at closing, which is expected prior to March 31, 1997. No significant gain or loss will be realized on the sale and the cash proceeds will be used by FMPO to reduce its outstanding debt which currently is approximately $70 million. FMPO is engaged in the development and marketing of real estate in the Austin, Dallas, Houston and San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. areas. CONTACT: FM Properties Inc., New Orleans Chris D. Sammons, 504/582-4474 Craig E. Saporito, 504/582-4476 |
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