Union Equity Completes Acquisition of Eden Development Group, Responds to Shareholder Inquiries Regarding Forward Split 4/19/2005 2:09:01 PM
PALM BEACH, Fla., Apr 19, 2005 (BUSINESS WIRE) -- Union Equity Inc. (Pink Sheets:UNQT) has completed its acquisition of Eden Development Group, a residential property developer. This acquisition will provide Union Equity with turn-key access to the residential housing market in South Florida.
James T. Wadsworth Jr. will stay on as Eden Development Group's President and will spearhead the company's construction and renovation projects. Wadsworth has been a licensed general contractor in Florida for nearly two decades.
"Jay has longstanding relationships in place with quality subcontractors and he's got a discerning eye for opportunity," said Union Equity CEO Michael Anthony. "We will release news immediately as soon as we move on our initial projects together."
The company continues to seek out other acquisitions and/or mergers in the areas of land development, residential mortgage financing and construction/general contracting. Union Equity's objective is to become a one-stop source for the residential housing and mortgage finance consumer.
In addition, the company has approved a 600% dividend in the form of six-for-one forward split of its common stock issued and outstanding as of 4/27/05 (the record date). Odd lots shall be rounded up. Shareholders of record on 4/27/05 will receive six shares for every one share of common stock owned on that date. The mail date for the additional shares is May 16, 2005.
"We received numerous inquiries yesterday regarding the split so we want to make sure everyone understands how it works," Anthony said. "For every one share of stock owned on 4/27/05 the shareholder will receive six additional shares."
The six-for-one forward split does not apply to the 6,049,244,000 restricted shares closely held by management. Currently there are approximately 117,000,000 shares in the float.
About Union Equity
Union Equity is a national real estate development and holding company, specializing in the fields of Residential Property Development, Mortgage Finance and Construction of New Residential Properties. The company operates independently and through its wholly-owned subsidiary Eden Development Group and plans to grow aggressively over the next two to three years through acquisitions, mergers and internal growth.
About the Industry
Florida ranked fifth nationally in housing appreciation in 2004.
Further information on the company can be found on their website; unqt.com
SOURCE: Union Equity, Inc.
Union Equity Inc., Palm Beach
Investor Relations, 800-916-3457
Fax: 800-916-3451
contact@union-equity.com
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