The Bauer Partnership Enters Into Letter of Intent to Acquire the Golden Lemon Resort in St. Kitts, W.I. for US $3.5 Million
Business Editors
NEW YORK--(BUSINESS WIRE)--March 5, 2002--The Bauer Partnership Inc. (OTCBB:BUER) ("BAUER"), a real estate investment company, announced today that through one of its wholly-owned subsidiaries, Bauer Capital Management Ltd., it has entered into a Letter of Intent to acquire The Golden Lemon Resort in St. Kitts for US $3,500,000. The
resort, located half an hour from St. Kitts' International Airport is situated on 16 acres of land called the Caines Estate, and features extensive water frontage on Dieppe Bay and Sandy Bay. The main hotel building is a converted merchant house built in 1610 and has undergone several renovations during its 400-year history.
"The acquisition of the Golden Lemon demonstrates Bauer's
commitment to meet our aggressive growth strategy of acquiring cash-flow positive boutique independent luxury resorts," said Ronald J. Bauer, CEO of The Bauer Partnership Inc. "We plan to make a significant capital investment in the Caines Estate, making the Golden Lemon one of the region's premier resorts," added Mr. Bauer.
About BAUER
BAUER is a real estate investment company that specializes in acquiring cash-flow positive commercial real estate assets on an international basis. BAUER fills a unique position in the market place by offering the ability to structure and finance sophisticated transactions in various geographies worldwide. BAUER seeks to utilize its listed equity to acquire existing hotel and commercial real estate
assets to add significant increases in revenue and net asset value to its financial position.
Statements contained in this release, which are not historical facts, including statements about plans and expectations regarding business areas and opportunities, demand and acceptance of new or existing businesses, capital resources and future financial results are "forward-looking" statements as contemplated by the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, including, but not limited to, government regulation, taxation, spending, competition, general economic conditions and other risk factors which could cause
actual results to differ materially from those projected or implied in the forward-looking statements. There may be other factors not mentioned above that may cause actual results to differ materially from any forward-looking information.
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CONTACT: The Bauer Partnership Inc., New York
Investor Relations, 212/572-6276
investor.relations@bauer-partnership.com
www.bauer-partnership.com |
