CVI Development Inc. Forms New Subsidiaries
MANCHESTER, N.H. and TULSA, Okla., Aug. 23 /PRNewswire/ -- CVI Development Inc., an operating subsidiary of Corporate Vision Inc. (OTC Bulletin Board: CVIA), announced today that it has closed on several new acquisitions.
These acquisitions include a 10-lot approved subdivision in Hooksett, N.H.; five remaining units in a Manchester community; and an option, based on town approval, on another 12-lot subdivision in Hooksett.
CVID, though its wholly owned subsidiary, Earthwork Excavation Inc., has entered into several contracts for excavation services in addition to the site work required in the aforementioned subdivisions. Earthwork will also be working to expand its capabilities to road building, before Spring 2001, for CVID's future subdivisions. Currently the company contracts these services with outside road contractors. Chris Carlson will handle day-to-day operations for Earthwork. CVID's new wholly owned subsidiary, Diversified Structures, Inc. will act as the general contractor for all CVID construction while performing additional work on outside contracts. Diversified is currently working on two outside projects, one in Hooksett and one in Merrimack, N.H.
The previously announced land acquisitions in New Boston, N.H. are in various stages of engineering, and will begin the state and town approval processes over the next several weeks. CVID anticipates the Bedford Road project to begin construction in early Spring 2001, based on anticipated approval dates and unrelated construction schedules. The Clark Hill Road property will likely not be ready for construction until late 2001 or early 2002.
"We anticipate the 10-lot subdivision in Hooksett, known as Greystone Terrace, to be completed in Spring 2001. The five-units in Manchester should be completed in the same time-frame," said Eric Farris, CEO of CVID. Mr. Ferris went on to say, "CVID originally intended to acquire currently operating companies, instead, we have chosen to purchase assets and hire key people from these and other organizations. CVID has taken majority interest in several corporations, but has chosen not to get involved in the day-to-day management of these entities."
More details related to this announcement will be available on CVID's new website, www.cvidev.com, which will be active today.
Contact Information:
The Stock Advisor
Wally Wilkins
859-236-7420
wally@thestockadvisor.com
SOURCE Corporate Vision Inc.
/CONTACT: Wally Wilkins of The Stock Advisor, 859-236-7420, or
wally@thestockadvisor.com , for Corporate Vision Inc./
/Web site: cvidev.com / |
