Monday September 13, 11:19 am Eastern Time
Company Press Release
Home-Building Project Ground- Breaking Confirmed by Peacock Financial Corp.
SAN JACINTO, Calif.--(BUSINESS WIRE)--Sept. 13, 1999--Peacock Financial Corp. (OTC BB:PFCK - news) Monday announced that its wholly owned subsidiary, Peacock Development Corp., under a joint-venture agreement with Covenant Development Inc., has broken ground to begin construction of 33 homes in San Jacinto, an agreement worth $4.6 million.
This project is the first phase of a total 76-home project, with a combined gross sales value of $11 million. These building sites are owned by a limited-liability corporation, of which Peacock Development is a 50 percent managing partner.
James S. Upton, executive vice president of Peacock Financial, stated: ''Our builder/partner, Covenant Development, has started grading improvements for this project on schedule. A presales marketing program will be put in place immediately due to the construction activity on this site.''
Steven Peacock, president of Peacock Financial, stated, ''This is a significant first step in converting this project to cash within the next 12-month time frame.''
Peacock Development, a wholly owned subsidiary of Peacock Financial, is a master developer with a long history of real estate experience in land assemblage, planning, infrastructure design, home building and inner-city redevelopment projects.
Peacock controls extensive landholdings near the Eastside Reservoir, a $3 billion recreational lake in the San Jacinto Valley, currently under construction by the Metropolitan Water District of Southern California.
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Contact:
Peacock Financial Corp., San Jacinto
Steven Peacock, 909/652-3885
peacockfinancial.com
or
Stock Enterprises, Las Vegas
Jim Stock, 702/614-0003 |
