Mortgage Bankers Holding Corp. Announces It Has Been Appointed Escrow Agent By a Group of International Banks for $2.6 Billion Development Project
December 8, 1997 7:59 AM EST CARNEGIE, Pa., Dec. 8 /PRNewswire/ -- Mortgage Bankers Holding Corp. (OTC Bulletin Board: MBHC) announced today that it has been appointed Escrow
Agent of a $2.6 Billion development project led by a group of international banks consisting of Deutsche Bank, Barclays Bank, Credit Suisse, UB Switzerland, and National Westminster-London. Lead developer for the project will be PDI, a Joint Venture domiciled in Nevada having offices in Las Vegas and New York City.
The $2.6 Billion development project will consist of several separate projects in Greece, Italy, and the United States with the US projects to be located in Illinois, Arizona, Nevada, New Mexico, North Dakota, Montana and Virginia. The nature of the projects is varied and will include a 5-Star Resort Hotel with Health Spa, Golf Course, Equestrian Center, Convention Center, Shopping Village, Motels, Restaurants and Lounges, Airport, Quality Inn, Comfort Inn, 3 Hilton Mid-Rise Garden Hotels, 5 Truck Stops and Motel Complexes, 2 Ferries, 4 Luxury Mini Cruise Ships, 5 Aircraft, 2 Shipping Terminals, European Office Building, United States Office Building, Casino, Apartment Complexes, and Parking Lots. Additional development plans include the acquisition of various energy producing properties from Texaco.
Mortgage Bankers Holding Corp.'s Chairman, Raymond P. Sobieralski, stated "the appointment of Mortgage Bankers Holding Corp. as Escrow Agent for this quality international project will have a direct effect on improving the Company's revenue and earnings in the new term. We are pleased and honored to be recognized by such a premier cabal of banking industry giants. By this appointment MBHC is poised to make the move from an Over-the-Counter Stock to a Nasdaq Stock, hopefully by the end of the First Quarter 1998."
Mortgage Bankers Holding Corp. is a diversified technology-based financial services company, which, through its subsidiaries utilizes data transfer and exchange to offer a full spectrum of financial and asset management services and products.
Financial Statements in this press release other than historical facts are "forward-looking" statements within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
SOURCE Mortgage Bankers Holding Corp. |
