Corporate Vision Enters Into Negotiations with Texas Real Estate Developer
TULSA, Okla. and JERSEY CITY, N.J.--(BUSINESS WIRE)--Sept. 21, 1998--Corporate Vision (OTC:CVIA - news) is pleased to announce it has begun negotiations for one of the premier real estate tracts in the Houston, Texas, metro area.
The properties under negotiation are located in Kingwood, Texas, and consist of several income-producing businesses, an office complex and several acres of highly desirable undeveloped tracts of land.
This property is strategically located in this upscale area and is one of the last fully unrestricted properties in a highly restricted suburban area. This area of metro Houston has a 25-year history of continued expansion and the company feels there is no reason to believe this trend will not continue.
Corporate Vision President and CEO Keith A. Anderson issued this statement: ''I would like to reassure the shareholders of Corporate Vision that we are not entering into the real estate business, as much as considering this an asset acquisition. We are looking at this proposition as a means of diversification of Corporate Vision's holdings and giving us an additional opportunity for a steady flow of revenue into Corporate Vision, while also being able to add an immediate additional book value to Corporate Vision stock.
''We are not departing from our original business plan, but rather looking at ways to not be exclusively reliant on the performance of our stock holdings.
''The deal is currently being negotiated on the terms of a partial equity exchange, with the current principal owners of this business complex, financing the mortgage in favorable terms to Corporate Vision. Under these terms, Corporate Vision shareholders should be able to realize a solidified asset platform on a per-share basis, if this deal is approved.''
On unrelated topics, Corporate Vision expects to have the warrant dividends (date of record June 1, 1998) begin late this week or early the week of Sept. 28, 1998. Corporate Vision is preparing and finalizing the necessary filings and applications for the Corporate Vision Preferred Shares to be distributed and allow trading to start.
Corporate Vision would like to express to the shareholders that it has made a great deal of progress with the T.L. Phipps & Co. public offering, and this public offering is on schedule and there have been no changes in the previously stated timeframe.
Corporate Vision Inc. is a fully reporting company with the SEC. This press release contains forward-looking statements with respect to the results of operations and business of the company that involve risks and uncertainties. Risks and uncertainties of the company are detailed from time to time in the company's filing with the Securities and
Exchange Commission.
Contact:
Corporate Vision, Tulsa
918/747-2842 |
