MIAMI, Aug. 10, 2005 (PRIMEZONE) -- SiteWorks Building and Development Co. (OTCBB:SWKJ), announced today that the company has the agreed to appoint Prestige Procurement and Networking Services (Prestige) as its representative in Asia. As a result of the discussion held a week prior to the signing of the service agreement yesterday enabling Prestige to operate on behalf of SWKJ throughout Asia, shareholders will be entitled to join the Prestige Asia Card program and the Investor Relations program by visiting www.prestigeasia.com.
SWKJ CEO Mike Nurse notes, "We have found that real estate and construction projects, especially large projects where a high degree of professionalism is required, are under increasing pressure to maintain Western standards of quality. Asia's rapid growth and the drive for Western-style standards has great significance to us as an entity. Consequently, we will be directing our efforts to the Chinese markets also, particularly southern China. This will represent a significant opportunity for the company, since budget and timeline management are still major concerns for the increasing number of foreign real estate investors in Asia. SiteWorks can supply the management and technology to deliver major projects on time and with quality."
Prestige has further demonstrated its commitment to SiteWorks by agreeing to purchase all outstanding shares in the float. Prestige has already bought 8,500,000 shares on the open market. Their primary goal is to continue buying shares on the open market until they capture as many shares as possible remaining within the float. Their secondary goal will be to then convert their position into certificate form to remove them out of "street name" as shares held by CEDE&CO to not allow them to be borrowed against for shorting.
Prestige is expected to manage SWKJ expansion in Asia via its strong networks throughout the region through www.prestigetycoon.com. Sutida Suwunnavid, the President of Prestige, adds, "The next step will be scheduling a meeting to discuss the work scope and present SWKJ to the predetermined local projects within the next several months."
Kornchaya Manchanda, Market Analysis, comments, "The way we see it is that the creativity combined with SWKJ efficiency can also lead SWKJ to act as a developer in government projects and major companies in this region and it is our job to take them there."
This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including, without limitation, the ability to implement and achieve our objectives in the long-range plan; interest rate increases; a downturn in the construction industry; actions by the credit rating agencies; the successful close of our financing transactions; our ability to divest of certain assets; changes in commodity prices for building materials, and labor cost; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures on a timely basis; changes in reserves estimates based upon internal and third party reserve analyses; general economic and weather conditions in geographic regions or markets served by SiteWorks Inc. and/or its affiliates, or where operations of the company and its affiliates are located; the uncertainties associated with governmental regulation; the uncertainties associated with the outcome of governmental investigations; the outcome of future litigation including shareholder derivative and class actions; political and currency risks associated with domestic and international operations of the company and its affiliates especially due to the instability in the Caribbean and South America and economic conditions in UK; difficulty in integration of the operations of previously acquired companies, competition, and other factors described in the company's (and its affiliates') Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.