TAMPA, Fla., May 24, 2005 (PRIMEZONE) -- Gulf West Property Development, Inc. (Pink Sheets:GLWP) today announced the start of an acquisition of assigned assets for its real estate and business development operations. After the merger of AAAM Manufacturing, Inc. (AAAM) and Gulf West Properties, Inc. (GLWP), the company's common shares will trade under the symbol of GLWP on the Pink Sheets.
To launch operations, the company announced a preliminary agreement for the assignment of assets of a five hundred acre development property located on Long Island, near Thompson Bay in the Common Wealth of the Bahamas. The properties raw land appraised value, as determined and recorded by the Office of the Government Assessor; M.S.F., is $22,000,000 (USD). The developed land's value is estimated in excess of $100 million.
"With these significant projects moving forward, management feel confident with the timetable for this and other soon to be announced projects set out in our business plan," stated Robert Schneiderman, CEO. Schneiderman also stated, "With only 30 million shares outstanding in the Company this transaction gives Gulf West a book value of $.73 a share, and with subsequent transaction moving closer to finalization that number is will be growing within the near future."
About Gulf West Property Development, Inc.
Gulf West Property Development, Inc. is a Florida based holding company engaged in locating and acquiring undervalued and under funded transactions. The Company's business model is to continually expand on its hard assets of real estate, land and natural resources etc., to accumulate an asset base to bring shareholder value. In addition, the Company will acquire and fund a wide range of development stage transactions ranging from development stage real estate transactions to undervalued private operating companies.
Forward-Looking Statements: This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
For corporate and investment information gulfwestproperty@aol.com