Affordable Homes of America, Inc. Signs Letter of Intent With Al Nasr Trading & Industrial Corporation
LAS VEGAS, Aug 15, 2000 /PRNewswire via COMTEX/ -- Affordable Homes of America, Inc. (OTC Bulletin Board: AHOA chart, msgs) ("Affordable Homes"), announces that the Company has signed a Letter of Intent to Joint Venture with Al Nasr Trading & Industrial Corporation L.L.C. ("AL NASR"), a Corporation, whose principal place of business is Riyadh, Saudi Arabia. Affordable Homes will provide its patented Z MIX formula and methods of construction and its specially designed forms and personnel when needed to assist AL NASR. AL NASR will assist and accomplish the acquisition of land and obtain all necessary permits to allow for construction of mining, manufacturing, and production facilities. AL NASR will also arrange for the marketing of housing, railroad ties and telephone poles in Saudi Arabia and the rest of the Middle East, with Saudi Arabia as the base.
President and CEO Merle Ferguson states, "Affordable Homes is extremely pleased that Mr. Adnan Khashoggi, a Director of AL NASR, has decided to take a personal interest in our Joint Venture. Mr. Khashoggi has a humanitarian desire to bring housing to the Middle East as well as the rest of the World, and he has the ability to converse directly with World leaders. Under Mr. Khashoggi's stewardship, we will be able to move forward at a much more rapid pace."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1955: Certain information contained in this release contains forward-looking statements that involve risks and uncertainties, including but not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and market competition.
Source: Affordable Homes of America, Inc.
Contact:
Mark Cohen of The Pinnacle Group, 516-773-2477; or Gary Smolen
of Global Financial Resources, Inc., 877-822-8274; or Rich Kaiser of Yes
International, Inc., 800-631-8127, all Investor Relations for Affordable Homes
of America, Inc. |
