BUFFALO GROVE, Ill., May 3, 2005 (PRIMEZONE) -- GFY Foods, Inc. (OTCBB:GFYD) announced today the proposed real estate acquisition of a single-family house in Buffalo Grove, IL. This is in keeping with the Company's goal to move into real estate acquisitions with an eye toward purchasing rental properties, real estate foreclosure acquisitions, and the possibility of renovating and re-selling properties.
When finalized, this property may be purchased for a substantial amount below comparative prices for the same type of house in the area. This house is a tri-level with four bedrooms, a finished basement and a new roof. It is located in a desirable area within walking distance of the local grade school. There is already a proposal for a renter to move in once the closing has taken place.
Buffalo Grove is a village located just northwest of downtown Chicago and it is adjacent to the Villages of Arlington Heights and Wheeling, Long Grove, Vernon Hills, Lincolnshire and Riverwoods. Buffalo Grove has been one of the fastest growing communities in the Northwest suburbs of Chicago since its incorporation. It is a community of tree-lined streets and well-maintained homes, with a median age of about 37, and an average family income of about $93,000.00. The median gross rent is over $1009.00, an average that draws not only upon figures of large houses such as this property, but is inclusive of rents for small apartments as well. The area of the proposed acquisition includes many duplex-type rental properties that receive substantially more in rent than the average.
The Company believes that with the strong history of rental properties in the same area, and the proposition of a waiting renter, this could be a good addition to GFY Foods, Inc. The Company continues to pursue other real estate acquisitions.
About GFY Foods, Inc.
Founded in the spring of 2003 by Ed Schwalb, GFY Foods is currently operating a franchised cafe, but is focusing on non-employee driven assets such as the life settlement policies and the purchase, rehabbing and flipping of commercial and residential properties, as well as other revenue sources.
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This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. The statements reflect the company's current views with respect to future events that involve risks and uncertainties including uncertainties related to successful negotiations with other parties, closing of transactions, capital availability, operational and other risks, uncertainties and factors described from time to time in the company's publicly available SEC reports. In light of these risks and uncertainties, the forward-looking events described in this release might not occur.