MIAMI, July 19, 2005 (PRIMEZONE) -- SiteWorks Building and Development, Inc. (OTCBB:SWKJ) has announced it has formally completed the acquisition of a real property In Chiefland, Florida.
The property, comprising of 33,000 square-foot former Wal-Mart store, with 20,000 square-feet of vacant land and parking area, was acquired for restricted and preferred Stock totaling $2,100,000 from Munch LLC. The deed to the property was delivered by Munch LLC to SiteWorks on June 17, 2005, along with an appraisal which indicated the building has a current value of $2,100,000.00.
Carl Nurse, SiteWorks CEO noted "We are in the process of securing construction funding for the Buildout and we expect to close on the funding by July 31, 2005. Funding will be in the range of 1,000,000 to 1,200,000. We expect to be able to complete the subdivision of the building into six smaller stores, a mini-mall, and have the stores sold by the end of the fourth quarter. Revenues from the sales of the fee (simple units), if all are sold, will be close to 3,000,000. This would represent for our company over a 2000 percent increase in revenues over last year."
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected, or described pursuant to similar expressions.