Remington-Hall Releases Audited Financials; Real Estate Company Clarifies Market Position of Various Projects and Sets Forth the Company's Economic Goals
DALLAS--(BUSINESS WIRE)--Oct. 8, 1998--Remington-Hall Capital
Corporation (OTC BB:REMH), a real estate investment company, today
released audited financial statements and its president and chief
executive officer, Douglas T. Fonteno clarified the status of its
current assets, announced various canceled projects and set forth its
economic goals.
The announcement described three projects owned by the Company
and their status: a note secured by the Abrams Street Tract in
Arlington, Texas; the Grand Avenue Apartments in Dallas; and the 97%
of Camden-Townwest, Inc. common stock owned by the Company.
The announcement also listed four properties being considered for
development by the Company: Parkview in Ft. Worth, Texas; the
Willowbend Development in Dallas; the North End Project near Dallas'
central business district; and Eastdale & Park Harbor in East Texas.
Additionally addressed were projects that were previously
reported by the Company but which have since been canceled: the
proposed merger with Vision 2005, Vision Realty & Continental
Investment Group; and the purchases of Exposition Park, Stemmons
Plaza, the Rule Building, and the Farmers Market Project.
The announcement further issued a statement indicating the
Company's previously announced goals to acquire $50 million in gross
assets by mid-year 1998 were over zealous due to the number of
projects the Company decided to cancel for various reasons. However,
the Company has established a new, lower goal that the Company hopes
to obtain by August 1999. The Company acknowledged that its goals,
although lower, remain lofty, especially given the Company's current
economic situation, and that numerous events or circumstances may or
may not occur that could cause the Company to not achieve its goals,
perhaps by a large margin. In particular, unless the Company raises
significant additional capital, its goals will not be met. However,
the Company is committed to its new goals.
Remington-Hall Capital Corporation (www.remington-hall.com) |
