JUNO BEACH, Fla., July 27, 2005 (PRIMEZONE) -- Universal Property Development and Acquisition Corporation (OTCBB:UPDA), a Nevada corporation, today provided details regarding its corporate restructuring and other actions it has commenced as it aggressively develops its business model as developer of underperforming and undervalued real estate through joint ventures and partnerships with property owners and developers.
The Company's board of directors has named Kamal Abdallah, CEO and COO and Christopher McCauley, Vice President and General Counsel. Both Abdallah and McCauley currently serve on the Universal board.
The company also announced it has engaged several high-profile consultants to help execute its business plan and provide a comprehensive, one-stop shop for all its financing needs. Profit Planners, Inc., a New York-based accounting firm, will assist with all financial and due diligence issues; First Federal Group of Companies, Inc. will assist Universal in matters of international finance and the merchant investment banking firm, Lending Trust Ventures Corp., will provide the Company's commercial real estate lending requirements.
"We are carving out a very interesting and profitable niche in the burgeoning commercial real estate market," said McCauley. "There are a significant number of underperforming and undervalued real estate projects across the nation. The company's business plan is to identify the ones with the greatest potential and utilize its experience and expertise to renovate and remodel each property to increase its value and then sell the asset."
The Company recently made two significant investments. Earlier this month it had invested in Canyon Creek Oil and Gas, an independent production and exploration company which own 2,000 acres in Texas. That company is engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities.
Recently the Company announced it had formalized an agreement with Bratenahl Estates Development, LLC, an Ohio Limited Liability Company, to acquire Bratenahl Extension, LLC, the owner of an 83 unit apartment complex on Lakeshore Boulevard in Cleveland, Ohio, in a $1.5 million transaction involving stock, cash and assumption of debt. By acquiring Bratenahl Extension, with its existing financing and cash portfolio of approximately $300,000, the venture will undertake to renovate, remodel and sell an apartment complex with views of Lake Erie.
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.