LoftWerks/Sulja Team to Begin Two New Projects Ontario and Mississippi Ventures Should Generate $100M
NASHVILLE, TN, Apr 12, 2006 (MARKET WIRE via COMTEX) -- LoftWerks, Inc. (OTC: LFWK) today announced that two post-merger projects with Sulja Brothers Building Materials, Ltd. have been slated for late-2006 starts. The first project, located in the Kitchner area of Toronto, Ontario, will feature conversions of older buildings into loft apartments and retail space. A company spokesperson explained that construction should commence within 120 days and be completed in approximately 18 months. The company expects to put $9-12M into the project, with pre-sale and final revenues exceeding $50M. This will be the first "non in-house" post-merger project, with LFWK providing consulting advice and design. "We think this is the ideal location, based on proximity to our various contributing components such as Kore International Construction Management and Consultech, and will allow us to smoothly integrate our efforts," said the Spokesperson.
A second project will commence in the Gulfport/Biloxi region of Mississippi, and will focus on new construction in areas hard hit by Hurricane Katrina. A spokesperson for Consultech Construction Management, which will be over-seeing the project, stated that input from local experts would be sought to determine areas of greatest need for housing and commercial construction. The team anticipates investing an amount similar to that required for the Kitchner project, and expects to realize the same level of revenues.
SOURCE: LoftWerks, Inc.
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