UNQT up again!
Union Equity Responds to Shareholder Inquiries; USA Today Declares ``Housing Market on Miami Coast is Hot, Hotter, Hottest``
April 21, 2005 09:17:01 (ET)
PALM BEACH, Fla., Apr 21, 2005 (BUSINESS WIRE) -- Union Equity Inc. (Pink Sheets:UNQT) CEO Michael Anthony couldn't have said it better. The 4/19/05 issue of USA Today by Marilyn Adams profiled the condominium construction boom in south Florida and provided readers with some remarkable insight as to why this market is unique.
The article stated that: "Florida's developers and real estate brokers are flying high amid an unprecedented condo-building and -buying wave they hope won't end anytime soon. The frenzied spending is coming to a large extent from outside Florida -- well-to-do baby boomers from the North nearing retirement, and foreigners whose money for real estate has gained potency from a weak dollar."
"The economy has gone through a serious economic shift over the past twenty years," said Union Equity CEO Michael Anthony. "We're dealing with a massive influx of overseas dollars flooding in to buy a piece of the Florida dream. For years I've been trying to get people to understand what's happening here but unless you see it for yourself it's difficult to understand the scope of all the building and renovation."
The USA Today article went on to state: "The weak dollar makes Florida real estate look like a bargain abroad. To Europeans with euros to spend, for example, Florida property can seem like a deal because of the added buying power they get from a favorable currency exchange rate. Unlike the past, today's Florida developers aren't targeting just retirees or snowbirds from the Northeast and Latin America. Luxury buildings are targeting the wealthy worldwide."
"South Florida is going through the largest urban redevelopment in its history," says Michael Cannon of appraisal firm Integra Realty Resources.
Union Equity currently has several projects under consideration and will post news as soon as is appropriate.
The company has recently 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 additional shares for every one share of common stock owned on that date. The mail date for the additional shares is May 16, 2005.
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.
"We're moving aggressively as possible in this market," said Anthony. "This is my backyard."
The USA today article by Marilyn Adams can be read in its entirety at;
usatoday.com boom-usat_x.htm (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
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. |
