USA. Distribution Management acquires Florida developer Hawks Landing II Corp

Thursday, 20 July 2006

The management of Distribution Management Services Inc. (Pink Sheets: DMGS) is pleased to announce that the contract has now been completed for the acquisition of, and affiliation with, Hawks Landing II Corp., land developer, with developments in the Okeechobee area of Florida. Upon completion of the three-phase contract, the company will have acquired real estate of an appraised value of $8,105,000 subject to approximately $3,690,000 of mortgage financing, so that the company's total real estate holdings will be approximately $15 million. Today's announcement results in DMGS net asset value increasing by approximately $4.4 million.

It is anticipated that finalization of construction of a model home will be completed in approximately 90 days during which time sales are anticipated to be accomplished of the homes in this fast-growing area in close proximity to Lake Okeechobee, the prime freshwater, fishing and boating area of the "Sunshine State."

Efforts are continuing toward the development and sale of lots in Poinciana, Fla., since the transaction previously scheduled for closing and sale of the 178 lots previously under contract for sale has not been completed due to title problems on the real estate.

Last Updated ( Thursday, 20 July 2006 )