REMH:
News on 3 acquistions. Been in for a while now. Moving up for a week.
Jimbo
(PR NEWSWIRE) DJ: Remington-Hall Acquires Three Private Real Estate Compan
DJ: Remington-Hall Acquires Three Private Real Estate Companies
Continental Investment Group, Vision 2005 and Vision Reality Add
$3.9 Million Gross Assets to Publicly Traded Company; Nance to
Serve as Vice President
Remington-Hall Capital Corporation (OTC BB:REMH), a diversified real estate
investment firm, has completed a merger with three interrelated real estate
companies, Continental Investment Group (CIG), Vision 2005 and Vision
Realty. Rob Nance, president of Vision 2005 and Vision Realty, has also been
named a vice president for Remington-Hall and interim president of CIG.
The majority of assets from the acquired companies are rent-producing
multi-family properties in Dallas and Beaumont, Texas, giving Remington-Hall
immediate cash flow. "We're gaining much more than just assets," said
Douglas T. Fonteno, president & chief executive officer of Remington-Hall.
"We're acquiring Rob's expertise and the entire Vision team to our company.
Rob has done well without the capital of a public company. This merger gives
him additional clout and gives Remington-Hall an aggressive acquisition and
development specialist," Fonteno said.
Based in Dallas, the three newly acquired entities worked interdependently
as one larger company. Vision 2005's principal mission was buying
undervalued property, renovating it and selling. As a retail buyer of
cash-flowing real estate, CIG purchased the renovated properties from Vision
2005. Vision Realty located properties exclusively on behalf of Vision 2005
to purchase for renovation.
"Now that we're a part of Remington-Hall, we'll be able to go after much
bigger projects than we ever imagined and at a much quicker pace," Nance
said. "This is an excellent move for all of our companies." Rob Nance has
been president of Vision 2005 since its inception in 1995. Before forming
that company, Nance served in many positions of leadership with other real
estate ventures, manufacturing firms and restaurants. He was a top graduate
of Lamar University with a degree in marketing.
Remington-Hall Capital Corporation (www.remington-hall.com) is a diversified
real estate investment company specializing in multi-family and mid-rise
commercial office building acquisitions through merger and debt
restructuring. The company aggressively pursues unique investment
opportunities in steeply undervalued assets due to previous owner
mismanagement or undercapitalization.
CONTACT: Remington-Hall Capital Corporation, Dallas
Wade Hyde, 214/749-4600
12:02 EDT JUNE 9, 1998
*** end of story ***
|
