Beacon Redevelopment Industrial Corporation Rejects an Unsolicited 5.5 Million Dollar Salvage Offer From a Salvage Contractor
PR Newswire, July 24, 2008
NORTH HUNTINGDON, Pa., July 24 /PRNewswire-FirstCall/ -- Beacon Redevelopment Industrial Corporation today announced it has rejected a 5.5 million dollar unsolicited salvage offer for its Westmoreland PA property. Instead, the company will put the demolition/recyclable contract out for bid.
The company believes that the salvageable value of the property to be in the range of $15,000,000 to $18,000,000 million dollars and anything less than that is unacceptable.
"I have the fullest desire to demolish and redevelop the Westmoreland site; however I will not compromise the value of the property or its redevelopment value for a quick gain. The dismantling and salvage sale will be done in the best interest of the shareholders and the company," said Adam Marek, President.
Beacon estimates that there is between 9 and 10 million recyclable Chicago bricks that have a wholesale value of 0.50 to 0.75 cents a piece. In addition, Beacon also estimates that there is at least 40,000 tons of recyclable steel with a value (at today's scrap steel prices of $250.00 to $300.00 per ton).
About The Property:
A group of investors built the factory in 1889, and the first glass from the factory was sold in 1890. Historical documents indicate that the factory was purchased because of the natural gas on the land. To this day, natural gas wells exist on the property. It also has rail access that can be utilized once a new complex is built.
Beacon PA recognizes the historical impact of the former Westmoreland Glass Company factory and is investigating the feasibility of creating a commemorative brick to collectors with a notarized certificate of authenticity. The Westmoreland Glass Company factory is a famous facility and its glass is the subject of two separate collector organizations. The Westmoreland Glass Society (http://www.westmorelandglassclubs.org/) and the National Westmoreland Glass Collectors Club (http://www.westmorelandglassclub.org/) members monitor and collect Westmoreland Glass. Therefore, we believe that we should offer such a program to collectors.
About Beacon Redevelopment Industrial Corporation
Beacon specializes in acquiring undervalued deteriorating properties that offer the potential for above average return on investment, the properties must offer recyclable/salvageable materials along with the potential for redevelopment; the company also seeks along with the above for mentioned, properties that have the possibility for governmental grants, tax rebates or deferments as part of their criteria for acquisition. Please visit the company's website at beaconredevelopment.com for all the latest information and updates.
This press release contains certain 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
CONTACT: Adam Marek for Beacon Redevelopment Industrial Corporation, +1-724-871-7458
Web site: westmorelandglassclubs.org westmorelandglassclub.org beaconredevelopment.com
COPYRIGHT 2008 PR Newswire Association LLC
COPYRIGHT 2008 Gale, Cengage Learning
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demolitionforum.com
#1 (permalink) 08-06-2008, 09:55 AM
James
Administrator Join Date: Aug 2005
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Salvage and Demolition Westmoreland PA
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The bidding will be open for the last two weeks of this month with the job being awarded to the highest bidder. The company had previously rejected a 5.5 million dollar unsolicited salvage offer for its Westmoreland PA property.
The company believes that the salvageable value of the property/building(s) to be in the range of $15,000,000 to $18,000,000 dollars based upon Beacon's estimates that there are between 9 and 10 million recyclable Chicago bricks that have a wholesale value of 0.50 to 0.75 cents a piece. In addition, Beacon also estimates that there is at least 40,000 tons of recyclable steel with a value (at today's scrap steel prices of $250.00 to $300.00 per ton).
"We want to fast track the demolishing and redevelopment of the Westmoreland site as soon as possible; we also believe that the bidding process will give us the highest price possible for the salvageable materials at the site," said Adam Marek, President.
Mr. Marek also added, "We encourage all capable firms to join the bidding process by contacting our office at (724) 871-7458."
About The Property:
A group of investors built the factory in 1889, and the first glass from the factory was sold in 1890. Historical documents indicate that the factory was purchased because of the natural gas on the land. To this day, natural gas wells exist on the property. It also has rail access that can be utilized once a new complex is built.
Beacon PA recognizes the historical impact of the former Westmoreland Glass Company factory and is investigating the feasibility of creating a commemorative brick to collectors with a notarized certificate of authenticity. The Westmoreland Glass Company factory is a famous facility and its glass is the subject of two separate collector organizations. The Westmoreland Glass Society (http://www.westmorelandglassclubs.org) and the National Westmoreland Glass Collectors Club (http://www.westmorelandglassclub.org) members monitor and collect Westmoreland Glass. Therefore, we believe that we should offer such a program to collectors.
About Beacon Redevelopment Industrial Corporation
Beacon specializes in acquiring undervalued deteriorating properties that offer the potential for above average return on investment. The properties must offer recyclable/salvageable materials along with the potential for redevelopment; the company also seeks along with the aforementioned properties the possibility for governmental grants, tax rebates or deferments as part of their criteria for acquisition. Please visit the company's website at beaconredevelopment.com for all the latest information and updates.
This press release contains certain 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.
URL: westmorelandglassclubs.org
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#2 (permalink) 08-06-2008, 02:03 PM
wrecknall
Member Join Date: Jun 2008
Location: N.W. Arkansas
Posts: 10
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must be nice to want .50 to .75 cents with out handling them. and it looks like they want prepared price for their steel. if any1 wants i'll sell them steel for 300$-ton come get it.
#3 (permalink) 08-07-2008, 10:19 AM
Wolf
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Yeah, do you think these numbers make sense, or is this company Beacon Redevelopment Industrial Corporation way out of line and just dreaming?
They claim to have rejected a bid for $5.5 million for the materials from the site, and are looking for $15-$18 million.
The company has an interesting concept of buying the property, demo'ing the building and then redeveloping the site. Seems like they could make alot of money doing it. What do you think of their estimates though? Any chance they are going to get that kind of $15 million offer for the salvage?
#4 (permalink) 08-08-2008, 08:33 AM
wrecknall
Member Join Date: Jun 2008
Location: N.W. Arkansas
Posts: 10
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I know some brick can be worth 2$ or more (coffeville pavers) lot of work thoo and maybe get 80% of the bricks intact,cleaned,and palleted. steel cost at around $100+ a ton to process to premium $ and transport.let alone to drop it to the ground. maybe they should try and self perform the work and try to make 15% of their estimate (2.25 mil).
#5 (permalink) 08-14-2008, 08:07 AM
wrecknall
Member Join Date: Jun 2008
Location: N.W. Arkansas
Posts: 10
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from talking with some folks that job has been around for a few years.
#6 (permalink) 08-18-2008, 10:42 AM
Wolf
Senior Member Join Date: Apr 2006
Posts: 338
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and nobody wants it. do you think they seriously rejected a bid of $5.5 million? seems hard to imagine. |
