Stratford American Corp. Announces Purchase of Scottsdale, Ariz. Land Site.Business Editors PHOENIX--(BUSINESS WIRE)--Oct. 30, 2000 Stratford American Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :STFA STFA Search The Fine Archive (polite form) STFA Swamp Tour Founders Association ) Monday announced that a new L.L.C. called Triway Land Investors, L.L.C. of which Stratford is a member has completed the acquisition of an approximately 10 acre site zoned for office development in a prime location in Scottsdale. Its venture partners in the development will be Diamond Ventures, Inc. of Tucson, Ariz. and Colonial Development, L.L.C. of Scottsdale. The new entity, Triway Land Investors, L.L.C. has been formed to own and develop the site located at 92nd Street and Raintree just east of the Loop 101 Interchange. Plans are being formulated for the development of 10 single story, freestanding office condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. buildings that will range in size from 7,800 sq. ft. up to 19,000 sq. ft. totaling 100,000 sq. ft. The buildings will be offered for sale in mid 2001. Under terms of the agreement, Stratford will receive a priority payout of its investment and then share in 17.5 percent of the profits from the total project. Development is scheduled for completion within 18 months. Stratford American Corp. is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. and its symbol is STFA. 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. Statement: Certain statements contained in this release, including statements regarding Triway's plans to develop the site, the expected completion schedule, and plans to sell the buildings when built, constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from the forward-looking statements. Such factors include, among other things: the risk that Triway may not be able to complete the development as scheduled, the risk that Triway may not be able to sell the buildings on favorable terms when built, other risks associated with the development and sale of commercial real estate, and other risks detailed from time to time in Stratford's filings with the Securities and Exchange Commission. |
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