FFAX I'm anxious to see the next filing too.
Thursday August 31, 9:22 pm Eastern Time
Press Release
Frefax/Zaveco Development Corporation, Announces $60,000,000 Apartment Complex
MONTREAL--(BUSINESS WIRE)--Aug. 31, 2000--Frefax/Zaveco Development Corporation (NASDAQ:FFAX - news) is extremely excited to announce -- Le Sanctuaire Villa -Maria -- A stately $60,000,000 apartment complex that will be located in one of the most prestigious areas of Montreal.
Financing for this grand venture has been secured by the Central Mortgage Housing, a division of the Canadian Government. With 500 deluxe rental units starting at 850 square feet and up, sales revenue from Le Sanctuaire Villa-Maria is projected at $8,160,000, with a net annual profit of $5,000,000 per year. This revenue, combined with the revenue from the previously announced Atwater Market Project, will bring the Shareholders an astounding net profit of $9,000,000 for the first 12 months!
This release may contain forward-looking statements that involve risks and uncertainties, including with limitation, continued acceptance of the company's products and sevices, increased levels of competition, products and technology changes, the company's dependence on financing third-party suppliers and the property rights and other risks detailed from time to time in the company's federal filing annual reports, offering memorandum and prospectus.
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Contact:
Zaveco Development Corporation
Zave Aberman, 55/University Suite 1604
Montreal, Quebec H3B 3X3, Canada
514/393-1255
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