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Monday April 27, 9:09 am Eastern Time
Company Press Release
Viking Resources Announces Increase in Ownership Position of Multi-Million Dollar Development Deal in the Hamptons
TAMPA, Fla.--(BUSINESS WIRE)--April 27, 1998--Viking Resources International Inc.'s (OTC.BB:VIKG) Chairman, Gerald L. Kuhr, announced Monday that the company has increased its ownership in Broad Cove Colony Inc. from a previously announced 56% up to 80%.
The Broad Cove Colony property is located on approximately 100 acres of land with over three miles of water frontage at Acquebogue in the Town of Riverhead, Long Island, N.Y. Permitted uses for the property include: condominiums, hotel, motel, waterfront estates, golf club, shopping center, restaurants, yacht clubs and marinas. The company already has a Riverhead Town Resolution accepting the final environmental impact statement as to Broad Cove's application to develop the land, as well as a Resolution granting a permit for the construction of a 500 unit condominium project which includes up to the same number of dock slips.
In development projections recently prepared, an anticipated profit figure of upwards of $60,000,000 over the next three to five years is expected. Although Viking/Broad Cove intends to move forward with the development of this project, an outright sale of the property is not ruled out. A recent cash offer of $26,000,000 received by the company was rejected.
According to Kuhr, ''This increase in our position with Broad Cove Colony Inc. continues to build Viking's asset base providing us with the strength and flexibility needed to grow our core business of environmental waste management. Upon the transfer of title scheduled on or about May 28, 1998, we expect to move forward with an exciting and profitable development project on prime real estate in one of the most high profile and desirable areas of the country.''
Viking Resources International Inc. is a holding company with a strategy of expansion through development and acquisition with its primary focus in the environmental and recycling industry in the US and internationally.
Except for the historical information presented, the matters discussed in this release are forward looking statements and are subject to risks and uncertainties that could cause actual results to differ materially.
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