NEWS OUT........
Diversified Resources Group, Inc. Finalizes Real Estate Agreement With North Carolina Development Company
SARASOTA, Fla.--(BUSINESS WIRE)--Aug. 2, 1999--DRG, Inc., d/b/a Diversified Resources Group, Inc., (NASDAQ OTC BB: ''DRGI''), a Sarasota, Florida based company, announced today the finalization of an Agreement with Matheny Development, LLC of Cary, North Carolina.
The Agreement allows the Company to acquire a 607.74 acre parcel of real estate located in one of the fastest growing markets in the United States, North Raleigh, Wake County, North Carolina.
The property is currently zoned for 1600 units, which will include: apartments, townhouses, single family homes, retirement housing, a commercial hospitality site (200+ room hotel), a neighborhood shopping center, an office complex, and a public tournament level championship golf course.
DRGI is scheduled to close on the property in December 1999, and is presently working directly with Mr. Mike Matheny, President of Matheny Development, LLC, in the syndication for the commitment to fully develop the property with a number of major national builders/developers.
The project build-out will extend over a 5-year period beginning in the year 2000, and it is estimated that it will produce $5,000,000 per year in land sale gross profits throughout the life of the project.
The equity in the property will provide the Company with one of the requirements for its proposed NASDAQ National Market Systems listing application.
This press release shall not constitute an offer to sell securities under an exemption from registration pursuant to Regulation D, Rule 504 of the Securities and Exchange Commission. Statements regarding the company's expectations about new and exciting products, future financial performance and other forward looking statements are subject to various risks and uncertainties, including, without limitation, demand and acceptance of new and exciting products, technological advances and product obsolescence, competitive factors and the availability of capital to finance growth.
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