SAN JACINTO, CALIF. (Sept. 29) BUSINESS WIRE -Sept. 29, 1998--Peacock Financial Corp. (OTCBB:PFCK)
confirmed today that its wholly owned subsidiary, Peacock Development Corporation, has entered into a joint
venture agreement with Steven Walker Homes to build homes on 143 improved residential lots in San Jacinto -- a
deal worth $19 million.
The lots are owned by an LLC of which Peacock Development is a 50% managing partner.
Mr. Steven Peacock, President of Peacock Financial Corporation, stated, "Construction financing is in its final
appraisal stage and ground-breaking is targeted within the next 60 days. We are obviously pleased to be working
with such a quality home builder and I expect to continue our relationship with Steven Walker Homes to build out
the balance of our inventory."
The Company's lot inventory exceeds 400 in the San Jacinto Valley.
Of the estimated $19M in sales revenues for the 143 lot joint venture, Peacock will be paid a project management
fee, as well as participate in 25% of the gross profits of the project, estimated to be $2.5M. Mortgage financing for
the homebuyers will include all FHA and VA programs, plus a unique 30-year fixed rate mortgage insured by the
U.S. Dept. of Agriculture.
Peacock Development Corporation, a wholly owned subsidiary of Peacock Financial Corp., is a master developer
with 22 years of real estate experience in land assemblage and planning, infrastructure design and construction,
and inner city redevelopment projects. The Company's most recent developments are near the Eastside Reservoir,
a $3 billion recreational lake in the San Jacinto Valley, currently under construction by the Metropolitan Water
District of Southern California.
For more information on Peacock Development Corporation please visit their web site at
www.peacockfinancial.com
Financial Statements in this press release other than historical facts are "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and
as that term is defined in the Private Securities Litigaion Reform Act of 1995. The Company intends that such
statements about the Company's future expectations, including future revenues and earnings, and all other
forward-looking statements be subject to the safe harbors created thereby. Since these statements (future
operational results and sales) involve risks and uncertainties and are subject to change at any time, the
Company's actual results could differ materially from expected results.
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