DENVER, Aug. 31, 2004 (PRIMEZONE) -- Across America Real Estate Development (Pink Sheets:AARD) (the "Company") announced the sale of a Fortune 500 national tenant new construction project. This property was sold through the Company's subsidiary, Cross Country Properties, III to a third party investor for $1,078,090. The Company's 50% participating interest in its subsidiary generated gross profit and rents of approximately $130,000 on the transaction. Across America was pleased to have provided 100% financing for this project.
"Our team at Across America Real Estate Development was delighted to have partnered with Cross Country Properties, III to develop this high profile, build-to-suit, national tenant property," said Alex Lagerborg, President and CEO. "It is the Company's goal to serve both our developer partners and build-to-suit tenants with development counsel and funding that continues to provide the best in class equity financing for the swiftly growing build-to-suit market place."
Philip Bader, Managing Partner of Cross Country Properties, III commented, "Because AARD provided 100% of our project financing, as well as a unique deal structure with speedy underwriting, Cross Country Properties, III not only delivered the build-to-suit project on time but ahead of schedule. I am finding that the ease and flexibility of working with Across America Real Estate Development helps us to grow our business."
About Across America Real Estate Development
Across America Real Estate Development is a national, publicly traded company that is an investor partner focusing on 100% financing of build-to-suit projects and also seeking to be the low cost provider of financing for those transactions where a bank requires developer equity.
Forward-Looking Statements. All statements contained in this press release that are not statements of historical fact constitute "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from historical results or from any future results expressed or implied by such forward-looking statements. Readers are urged to consider statements that include the terms "believe," "belief," "expects," "plans," "anticipates," "intends" or the like to be uncertain and forward-looking. Forward-looking statements also include projections of financial performance, statements regarding management's plans and objectives and statements concerning any assumptions relating to the foregoing.
Additional information can be found at the Company's web site at www.aard.us. Copies may also be obtained by contacting Across America's offices at (303) 468-3974. The company assumes no obligation to update the information in this press release.