Star Signs 11 Acre Lakefill Agreement.Business Editors POMPANO BEACH Pompano Beach (pŏm`pənō), city (1990 pop. 72,411), Broward co., SE Fla., on the Atlantic coast and the Intracoastal Waterway; inc. 1908. It is a resort city with ocean beaches, excellent fishing, and a harness-racing track. , Fla.--(BUSINESS WIRE)--Feb. 14, 2001 Star Services Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SSVC SSVC Services Sound & Vision Corporation SSVC Selective Service ) ("Star"), today announced the signing of a Lease and Borrow Pit Noun 1. borrow pit - a pit created to provide earth that can be used as fill at another site cavity, pit - a sizeable hole (usually in the ground); "they dug a pit to bury the body" Agreement (the "Agreement") with Copans Lakeview Venture Partnership of Florida. Star will lease the land with no payments other than its agreement to fill the lake in with aggregate and debris suited for the site. Under the terms of the Agreement, Star will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to 50% of the land created by the filling operation. Borrow Pits are the small lakes that are created by developers when they excavate for aggregate used in foundations, roadbeds or other construction purposes. Because of the high water table in Florida and the rainfall, these pits fill up with water. Patrick F. Marzano, President of Star stated, "We are pleased to be able to announce the signing of this Agreement. It points to an element of the Construction and Demolition debris (`C&D') business that is often overlooked by the investment community. Part of our operation continuously 'creates' land by using the C&D debris as fill. As land becomes scarcer and development can't move further into the Everglades, filling 'borrow pits' becomes a lucrative business. The commercial value of the land being developed is currently over $300,000 per acre. This particular site is an 11-acre portion of a lake. Once completed the land will be worth considerably more because of its ideal commercial location." The site covered by the Agreement abuts Star's C&D processing facility in Pompano Beach. As a result of the Agreement, the site will provide for a substancial increase in the life expectancy Life Expectancy 1. The age until which a person is expected to live. 2. The remaining number of years an individual is expected to live, based on IRS issued life expectancy tables. of Star's primary Lakefill facility. The site is near two of the principal transportation routes in the area. Patrick F. Marzano, President of Star further stated, "There will be time for us to determine the ultimate use of part or all of the new land being created. Because real estate values are so high in this area, there may be additional opportunities presented. We feel very comfortable about the value and the ultimate outcome for our shareholders." Star Services Group, Inc. is an integrated solid waste services company that provides solid waste collection, transfer, disposal and recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. services in the greater Miami, Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. and Palm Beach areas of Florida. Star currently owns or operates 10 construction and demolition debris-processing facilities, two lake-fill operations and two waste collection and portable sanitation sanitation: see plumbing; sanitary science. operations. Star has more than 3400 customers. This press release includes or may include certain statements, estimates and foward looking projections of the Company with respect to the anticipated future performance of the Company. Such statements, estimates and foward looking projections reflect various assumptions of the management of the Company that may or may not prove to be correct and involve various risks and uncertainties including, but not limited to, the risk factors contained herein. |
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