CWFG-"signed sales contracts"&more News coming..DD'em early...
Commonwealth American Financial Group Announces Update on 56 Acre Land Acquisition
Business Wire - February 10, 2006 09:17
MIAMI, Feb 10, 2006 (BUSINESS WIRE) -- Commonwealth American Financial Group, Inc. (Pink Sheets:CWFG) announced today that the closing date for the acquisition for a 56 acre parcel of land in North Central Florida has been extended. The seller has been unable to provide clean title to the 56 acres and is in the process of obtaining clean title to the property. The Contract has been rescheduled to close 30 days after obtaining clear title. Commonwealth also announces that we have two pre signed sales contracts for 40% of the land. The pre sales contracts will take affect upon the seller providing clean title.
Ms. Ryals, President and CEO, said: "We still anticipate closing on the property within the first quarter of this year and remain on track to develop the land within our projected timelines. We have been informed by the seller that clean title should be attainable within the next few weeks. Accordingly we will keep shareholders aware of the new contract dates and closing period. We have several other properties under review currently and will be aggressively pursuing these development opportunities in the coming months."
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 cwfgroup.net and trades under the symbol (Pink Sheets:CWFG).
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
SOURCE: Commonwealth American Financial Group, Inc.
Commonwealth American Financial Group, Inc., Miami
Kristin Mary Ryals, 305-913-7112
Fax: 305-913-4101
Copyright Business Wire 2006 |
