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Microcap & Penny Stocks : WestAmerica Corp. (WACC) -- Ignore unavailable to you. Want to Upgrade?

To: dreamer who wrote (352)	7/17/1998 11:01:00 AM
From: firstman	Read Replies (2) \| Respond to of 749

Antbody notice something?*NEWS!!!* ORLANDO, Fla., July 17 /PRNewswire/ -- WestAmerica Corporation (BB: WACC) announced yesterday it has extended the closing date to August 10, 1998, with Dr. James P. Gills of Tarpon Springs, Florida, to purchase the first 35 acre tract of its 285 acre development located in Polk County, Florida, within a 10 minute drive of Walt Disney World. Daniel M. Boyar, chairman and chief executive officer of WestAmerica said "WestAmerica has recently received unanimous approval from the Polk County Commission for the Company's land use plan and is eager to complete the acquisition of the land from Dr. Gills and commence construction." Mr. Boyar continued, "the Company now has approval for 750 units (39,000 timeshare weeks) to be built and sold as timeshare on the property and the first phase, consisting of 162 units (8,424 timeshare weeks) built on 35 acres, will give us a rapid start in the dynamic Orlando market. Based on RCI Consulting's feasibility study we expect a sellout in excess of $460,000,000 over a 10-year period bringing 20% to the bottom line, pre-tax." WestAmerica's timeshare resort will include single-family homes and villas, some featuring 3 bedrooms, 3 baths, with heated pools and spas, with an 18-hole championship golf course and complete resort amenities -- the first project of its kind developed by a public company. WestAmerica Corporation, a leisure industry company, is in the principal business of developing vacation ownership (timeshare) destination resorts. From time to time, the company may issue forward-looking statements that involve risks and uncertainties. This statement may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and any forward-looking statements should be considered accordingly. SOURCE WestAmerica Corporation -0- 07/17/98 /CONTACT: Daniel M. Boyar of WestAmerica Corp., 407-354-3333/ Companies or Securities discussed in this article: Symbol Name BB:WACC Westamerica Corp