DENVER, Dec. 10, 2004 (PRIMEZONE) -- Across America Real Estate Development (Pink Sheets:AARD), a national publicly traded company that is an investor partner offering 100% financing for build-to-suit "small box" real estate projects, announced today the signing of a non-binding letter of intent with Aquatique Industries, Inc.
This agreement gives AARD the first right of refusal to build and fund up to 5 build-to-suit small box retail properties in the next three years at an average cost of approximately $1,750,000 per property. If all built, the five properties would represent approximately $8,750,000 in build to suit development business for AARD. AARD expects to start funding these projects in the next 90 to 120 days.
Alex Lagerborg, President and CEO of AARD, said "We are pleased that Across America Real Estate Development is able to work with Aquatique Industries and expand the Company's presence in the 'small box' build-to-suit real estate market. We believe that the Company is in a position to expand and leverage the firm's ability to be nimble and value added to the build-to-suit real estate developer. Entering into this agreement with Aquatique allows the Company to grow and create value for both Aquatique and AARD's shareholders."
GDBA Investments LLLP is a private investment partnership and is AARD's major shareholder. GDBA also owns approximately 60% of Aquatique Industries whose CEO is a former director of AARD.
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.