Plus this acquistion is good for both companies. here is CIXP's release. At least Bronson got the property sold so PAYP can now focus on moving forward and getting on small caps.
CIXP Acquires Development Project
KIRKLAND, Wash., Jun 29, 1999 (BUSINESS WIRE via COMTEX) --
ConstructionProducts International, Inc. (BBS: CIXP) announced today
that it has signed a Letter of Intent to acquire a real estate
development project in the Dominican Republic from PAY POP, INC. (BBS:
PAYP).
The project includes 24 completed condominium units, together with
plans, development permits and licenses necessary to finalize
completion of additional 96units.
Additionally, CIXP will complete and operate on-site facilities, which
include: (a) direct beach access; (b) two poolside bars; (c) on-site
grocery and boutiques; (d) complete health spa; (e) full aquatic
center; (f) one hundred twenty-five seat restaurant; (g) large
individual storage lockers; (h) tennis courts; (i) eighty-five seat
dining room; (j) casino; (k) two large private pools; (l) large beach
front bar; and (m) on-site laundry facility.
The purchase price is $4.4 million in cash and convertible debentures
and closing documents are to be executed within ten days.
CIXP is focused on being the millennium leader in the manufacture and
sale of specialty construction technologies. CIXP is committed to
producing and distributing its line of construction products targeting
the infrastructure and rehabilitation industries worldwide. These
products range from specialty grouts, construction chemicals and
sealants as well as construction equipment, hardware commodities, and
steel utility poles.
CIXP's current development projects will have projected future cash
flows of an estimated $45 to 50 million annually. These revenues
include existing sales, properties, equipment and inventory sales.
These projects include the Panama Canal Rehab; Theodore
Waterway-Louisiana; Pudong Airport-China; and three Gorges Dam
Project-China. Additionally, CIXP has entered into alliances with Symms
Corp., Mobil Oil of China and Holman, Inc. CIXP has offices in
Washington State, California, Panama and China.
CIXP customers include global giants such as Dupont, Aksteel, US Steel,
AKZO and Union Carbide.
This news release includes "forward-looking statements" that involve
risks and uncertainties. The forward-looking statements in this release
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially due to a variety of factors, including without limitation
the company's ability to produce and market products and/or services
and other risks detailed from time to time in the company's reports
filed with the Securities and Exchange Commission.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: Jason Bator
PIPER CAMBIE
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