DENVER, Dec. 1, 2004 (PRIMEZONE) -- Across America Real Estate Development (Pink Sheets:AARD), a company that is a developer partner focusing on 100% financing of build-to-suit real estate projects and also provides financing for those transactions where a bank requires developer equity, announced today that it has entered into an arrangement with Charmar Property Acquisitions, a builder and developer of commercial property headquartered in Irvine, California. AARD and Charmar intend to develop a Lone Star Steakhouse & Saloon in Corona, California. The project cost is approximately $3,000,000. This site is a 1.4-acre pad alongside I-15 on a Lowe's Home Improvement Warehouse anchored development that includes a Marriott Residence Inn and three office buildings.
Alex Lagerborg, President and CEO of AARD, said, "The Company looks forward to working with the professionals on the Charmar team on this Lone Star project. We believe that Charmar and AARD provide a good fit with each other and that there are great long-term synergies for both companies."
Dennis Smith, President of Charmar Property Acquisitions said, "Charmar is glad to partner with Across America Real Estate Development on this project. Because AARD provides 100% of our project financing, as well as a unique deal structure, we believe that AARD could allow us to develop more projects in the upcoming year."
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.