Pender International, Inc. Acquires Montebello Development to Develop $30 Million Ocean Front Mexican Resort
TORONTO, Feb 16, 2005 (BUSINESS WIRE) -- Pender International Inc. (OTCBB: PNDR)
has entered into an agreement to purchase 100% of the issued and outstanding
shares of Montebello Development in exchange for restricted common stock.
Montebello Development is developing Salchi Bay Development -- a 25-acre ocean
front resort in Huatulco, Mexico. Pender intends to begin construction next week
and anticipates completion of 12 private villas by the end of this year.
Thereafter, we anticipate an additional 48 units to be completed in 18 months.
The property is located on a 1.5-mile private beach on a secluded bay less than
20 minutes drive from Huatulco International Airport. Huatulco is one of the
newest and fastest growing resort areas in Mexico.
Vic Dominelli, Director of Pender, stated that "the long-term benefits of our
Huatulco project will add significantly to our portfolio of assets." He
explained that Pender will retain an on-site supervisor to conduct daily
inspections, supervise construction quality and provide regular reports on
construction progress. "At the completion of the project," he continued, "Pender
will evaluate adjacent properties for development that are included in the
right-of-first refusal accompanying this project development."
Orlando Silvestri, President and CEO of Pender, noted that Pender has taken a
greater interest in the development of properties, "with the expertise with
which we have surrounded ourselves, we believe that Pender will have more
opportunity to invest in a diversified portfolio of companies and projects --
Salchi Bay Development and Armistice Resources being primary examples. We
continue to evaluate some very interesting properties in Europe, as well as a
400-acre resort and casino in the Caribbean. We would expect the Pender property
portfolio to exceed $350 million in value by the end of the 2nd quarter."
More details of the Salchi project will be available for viewing on the
company's website: www.penderinternationalinc.com.
SOURCE: Pender International Inc.
CONTACT: Pender International Inc.
Vic Dominelli, 905-882-0221
www.penderinternationalinc.com
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