NEWS !!
Diversified Resources Group, Inc. Signs Letter of Commitment with Major National Builder
Business Wire - August 04, 1999 08:17
SARASOTA, Fla.--(BUSINESS WIRE)--Aug. 4, 1999--DRG, Inc., d/b/a Diversified Resources Group, Inc., (NASDAQ OTC BB: "DRGI"), a Sarasota, Florida based company, announced today that Westminster Homes, a division of Washington Homes, Inc. (NYSE: "WHI") has signed a Letter of Commitment to purchase 300 single family and multi-family building lots in DRGI's Falls River Development in North Raleigh, North Carolina.
The purchase, valued in excess of $15,000,000, will allow Westminster Homes to be a key builder within the Falls River project.
Westminster Home's parent company, Washington Homes, Inc., established in 1964, has been one of the mid-Atlantic's largest, most respected, and best capitalized builders. Washington Homes has been consistently ranked among the Nation's top 50 homebuilders, and is listed on the New York Stock Exchange.
"This Agreement provides DRGI with Westminster Home's considerable expertise and top quality reputation in the building industry for its Falls River project", stated Mr. Mike Matheny, Director of DRGI's Real Estate Division.
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.
CONTACT: Diversified Resources Group Inc., Sarasota
Carl Smith, III, 941/923-1949
Log on to www.diversified-resources.com
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