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Granite Development Corporation Letter to Shareholders
PR Newswire - April 07, 1998 11:21
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CARSON CITY, Nev., April 7 /PRNewswire/ -- The following was issued today
by Granite Development Corporation:
Granite Development Corporation (OTC Bulletin Board: GRAD) expects to
acquire the management rights to several building projects in San Francisco,
California. These projects will be valued at $5,000,000 to $7,000,000 and
will return management fees and equity to Granite in 1998 and 1999 in excess
of $2,000,000.
To date, the company has had minimal revenues and a reasonably high asset
base and minimal debt. Its primary activities have included acquiring a
management team to compile management and marketing plans for each of the
company's developments.
The company was incorporated in Nevada on January 15, 1986. An S-18
initial public offering was completed in April 1986. The company's shares
trade over-the-counter under the OTC Nasdaq symbol - GRAD.
The company currently has 1,097,000 shares outstanding with a book value
of $4.00 per share and assets as of Dec. 31, 1997 of $5,000,000 net value and
is expected to exceed $25,000,000 gross assets in value for 1998. Gross
revenues of the consolidated Granite companies will be in excess of
$10,000,000 for fiscal 1998.
Granite Development Corporation, an emerging real estate development
company, acquires and develops three distinct types of properties throughout
the United States. Property that have all entitlements in place: income
producing residential facilities, residential lots for development and sale,
and commercial and industrial properties that require rehabilitation.
Granite Development Corporation with Terrence Sheehan, President, is
negotiating to consolidate real-estate properties in the state of new Mexico,
for development for residential use as single family dwelling lots. The
designation of these assets into the company will enable the company to
provide risk balanced financial guarantees for various investments and
real-estate projects. As the assets grow, the company expects to participate
in high yield investments and real estate development programs. The company
expects to be compensated for its services and so earn returns on its assets
and real estate development projects.
Granite Development Corporation announces new officers, directors and a
change of corporate office to Carson City, Nevada:
* Terrence Sheehan has been named President and CEO of Granite, bringing
with him vast experience as a banker, mortgage banker and successful real
estate developer over the past 20 years. Granite Development is proud to have
Mr. Sheehan on board.
* William de Pedraza has been appointed Chairman of the Board following
his term as President of Granite. Willie has broad experience in
international finance and real estate acquisition and development.
* Robert Anderson has been appointed as Senior Vice President and Director
of Granite Development and President of the Anderson Steel Home Building
subsidiary of Granite. Bob Anderson has an extensive background in real
estate, construction and real estate law.
* Jim Fain has been appointed Vice President Mineral Sales and
President/CEO of All Gypsum Corporation, a subsidiary of Granite
* Gary Luttrell has been appointed Vice President and Secretary of
Granite. Gary has over 30 years experience in real estate, banking and public
finance.
LIST OF NEW OFFICERS AND DIRECTORS
William J. de Pedraza Chairman
Terrence Sheehan President
Bob Anderson Senior Vice President
Jim Fain Vice President Mineral Sales
Gary Luttrell Vice President/Secretary/Treasurer
All above are Directors and Officers effective as of March 1st, 1998.
OFFICE LOCATIONS
Corporate Office 3817 South Carson
Carson City, Nevada 89701
Regional Office 3030 Bridgeway, #100
Sausalito, CA 94965
415-289-1710
415-289-1712 fax
The Company is featured on the Internet at Geraldsnet Stock Research
Network. The URL is: geraldsnet.com
SOURCE Granite Development Corporation
/CONTACT: Gerald Sterchi, Director Investor Relations of Gerald
Communications, 916-854-4931, or fax, 916-983-7783, or gerald@softcom.net, or
geraldsnet.com
(GRAD)
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