JUNO BEACH, Fla., July 11, 2005 (PRIMEZONE) -- Universal Property Development and Acquisition Corporation (OTCBB:UPDA), a Nevada corporation, will file a Form 8-K announcing its merger with ProCore Group, Inc.(PCRG), a California corporation. As a result of this action, the outstanding shares of the corporation will be reduced from nearly 300,000,000 to approximately 3,000,000.
Universal survives the merger. Its board of directors has scheduled regular meetings and will immediately act to pursue the objectives of the company, including the acquisition and development of underperforming commercial and residential real estate and proven mineral and other energy opportunities through joint ventures with underfunded real and intellectual property owners and leaseholders.
In pursuit of those objectives, the Board approved a resolution authorizing the negotiation and execution of a Memorandum of Understanding (MOU) with US Production and Exploration, LLC. This MOU will result in a joint venture corporation which will control approximately 2,000 acres of mineral rights containing 30 active and as many as 60 oil and gas wells in the state of Texas.
The Board also acted to terminate certain service agreements and reject certain proposals ProCore had previously negotiated with or received from Ten and 10 Marketing and Payment Solutions and their principals.
The current members of the Board of Universal are: Kamal Abdallah, chairman; Christopher J. McCauley, secretary; and Steven Barrera.
Mr. Abdallah has approximately 15 years experience in commercial real estate investment and development. Mr. Abdallah attended Oakland Community College and Oakland University in Michigan where he focused his studies in the area of accounting and finance.
Mr. McCauley is a graduate of the Ohio State University and Cleveland-Marshall College of Law and has been in private practice in Cleveland, Ohio for nearly 20 years. He has extensive experience in commercial and real estate law on which topics he has lectured and conducted seminars. Mr. McCauley is a member of the American Trial Lawyers' Association, The American Bar Association, and the Ohio Bar association.
Mr. Barrera received a degree in marketing from St. Mary's University in San Antonio Texas and has 30 years experience in real estate development and construction. For over 17 years, Mr. Barrera has performed large loss mitigation for insurance firms such as Lloyd's of London, AIG, Royal Insurance, CIGNA, and USAA as well as for the United States Department of Agriculture and Department of Labor.