Monday March 13, 9:07 am Eastern Time
Company Press Release
Peacock Confirms Status of Home Building Project Sales
SAN JACINTO, Calif.--(BUSINESS WIRE)--March 13, 2000--Peacock Financial Corp. (OTCBB:PFCK - news) announced today that its wholly owned subsidiary, Peacock Development Corporation, under a joint venture agreement with Covenant Development, has already sold 12 of 33 homes offered to qualified buyers within the first 30 days of opening the New St. Michel model home complex.
Covenant Development began construction on the 33 home project in September 1999, under an agreement worth $4.6 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 Corporation, stated, ``Our builder/partner, Covenant Development, has done an outstanding job in presenting our new housing product to the home buying public. Their effective marketing program has generated qualified sales, and they have recognized the value of expanding their homebuilding program.'
Skip Hubby, President of Covenant Development Corporation, stated, ``We are very pleased with the marketability of the Peacock plan design. We have had 140 prospective new home buyers through our model home complex over the last 30 days, and qualified 12 sales. Considering this rate of market absorption, we are in negotiations with Peacock to expand our program to 135 lots, representing $18 million in gross sales volume over the next 26 months, with anticipated profits of $3 million.'
Steven R. Peacock, President of Peacock Financial Corporation, stated, ``It is gratifying to see this housing market rebound, and the fact that we entered this market with a winning housing program moves forward our ability to convert our San Jacinto land holdings to cash.'
Peacock Development Corporation, a wholly owned subsidiary of Peacock Financial Corporation, 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 land holdings in the San Jacinto Valley's ``Eastside Reservoir,' a $3 billion recreational lake in western Riverside County, currently under construction by the Metropolitan Water District of Southern California. More information can be found at www.peacockfinancial.com.
Safe-harbor statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.
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Contact:
Peacock Financial Corp.
James S. Upton, 909/652-3885
or
Investor Contact:
Stock Enterprises
James Stock, 702/614-0003
National Financial Communications
Mario "Ike" Iacoviello, 800/878-9460
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More Quotes and News: Peacock Financial Corp (PFCK.OB - news)
Related News Categories: construction, real estate
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