TAMPA, Fla., June 14, 2005 (PRIMEZONE) -- Gulf West Property Inc. (Pink Sheets:GLWP) announced that it has signed a binding "Letter of Intent" to acquire an assignment of assets for 730 acres of prime developmental property located fifteen miles east of Tampa, Florida with an appraised undeveloped raw land value of $32,000,000. The property is located in Brandon, Florida currently the fastest-growing area in the state of Florida.
Additionally, the land is currently generating approximate revenues of $1,500,000 annually from the sale of fill soil. This revenue will continue throughout the developing of the property, which is estimated to be complete in five years.
Upon completion of this agreement, Gulf West Property will have 30 million shares outstanding which will give the company a book value of $1.80 a share. "I am truly excited that we are able to add this revenue-producing property as well as one with tremendous potential for future development to the Gulf portfolio," stated Robert Schneiderman Gulf's C.E.O.
Schneiderman added, "Previously, the company announced an agreement for the assignment of assets of a 500-acre development property located on Long Island, near Thompson Bay in the Commonwealth of the Bahamas with a raw land appraised value, as determined and recorded by the Office of the Government Assessor, of US$22,000,000. This further demonstrates our stated business plan to enhance shareholder value."
Gulf West Property Development, Inc. is a Florida-based holding company engaged in locating and acquiring undervalued and underfunded 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