DENVER, March 24, 2005 (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 build an International House of Pancakes in Olive Branch Mississippi just outside of Memphis TN. The project cost is approximately $2,000,000. This site is approximately an acre in size along Highway 78 with approximately 37,000 vehicles per day and Goodman Road with over 22,000 vehicles pass per day. Home Depot, Lowe's, Wal-Mart Supercenter, and Chili's are located nearby.
Alex Lagerborg, President and CEO of AARD, said, "AARD is very pleased to be working on its second project with Charmar Property Acquisitions. Building a Lone Star Steak House and Saloon in Corona, California and an International House of Pancakes in Olive Branch, Mississippi with Charmar Property Acquisitions offers real value for both companies in two dynamic markets. We are very pleased to be working in tandem with Charmar toward the continued success of both companies."
"The IHOP in Olive Branch marks the second project that we are doing with AARD," said Dennis Smith, President of Charmar Property Acquisitions. "The presence of AARD in our developments allows us to do more projects on an annual basis as well as creating a template for additional small box transactions. We hope to do more deals with AARD in 2005 as the small box single pad marketplace becomes more and more active."
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 303-893-1003. The company assumes no obligation to update the information in this press release.