First Guardian Financial Corporation Agrees to Sell its Position in its Canadian Land Contract
NEW YORK, Sep 28, 2006 (BUSINESS WIRE) -- First Guardian Financial Corporation (Pinksheets: FGFC), today announced it has agreed to an offer to acquire its interest in its land contract to purchase 50 acres in Canada.
The company as previously announced has a fully executed contract to acquire 50 acres of prime land located in Woodstock, Ontario Canada approximately 750 feet from the new Toyota Motors Plant; the contract price is $60,000 dollars (Canadian) per acre for a total of $3,000,000 (Canadian).
The terms to acquire the company's rights in the contract is for $106,000 (Canadian) per acre for a total of $5,300,000 (Canadian), the company has a 51% interest in the deal thus giving the company a gross profit of $1,173,000 (Canadian) before legal and other expenses.
The company expects contracts to be executed within the next 5 business days and a closing of the deal to take place on or before October 16, 2006.
About First Guardian Financial Corporation:
The company is a Financial Holding Company currently providing Commercial Real Estate Financing & Invests for its own portfolio in small to mid sized businesses. Its primary goal is to provide short term financing within the commercial real estate market and invest and or provide secured short term financing to businesses either in the start up stage or growth stage throughout the United States. |
