LifeOne Unit Arranges $150 Million Mortgage Commitment - - Fees to Exceed $2 Million
SAN JUAN CAPISTRANO, Calif.--(BUSINESS WIRE)--May 18, 1999--LifeOne, Inc. (OTCBB:LONE - news), (the ''Company''), announced today that its subsidiary, Southern Mortgage, Inc., (SMI) has arranged a financial package for the purchase of a hotel and casino in the United States. SMI's fees in this transaction will be $2.2 million. For LifeOne shareholders, this represents $.13 per share based on shares outstanding.
The purchase-money mortgage loan for the hotel and casino project will be provided through Great Eastern Investments, LLC, of Atlanta, Georgia.
SMI's current pipeline of commercial mortgage transactions includes 13 projects totaling $105 million. Among the projects are two shopping centers, two assisted living centers, four hotels, two industrial complexes, and a resort.
Certain statements in this release may constitute ''forward looking statements'' within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Certain but not necessarily all of such forward looking statements can be identified by the use of such words as ''believes,'' ''projects,'' ''expects,'' ''may,'' ''will,'' ''should,'' or ''anticipates,'' or other variations or by discussions of strategies involving risks uncertainties. The actual results of LifeOne, Inc. or industry results may be materially different from any future results expressed or implied by such forward looking statements. |
