TACOMA, Wash., Aug. 16, 2006 (PRIMEZONE) -- Freshstart Properties Inc. (Pink Sheets:FSPP), a publicly traded real estate company focused on acquiring, redeveloping and managing residential properties, is pleased to announce the purchase of a three-bedroom home situated on a large parcel of land suitable for additional subdivision and development. The home currently provides a rental income of $925/month. The property, located at 6834 South I Street in Tacoma, was purchased for $200,000 with seller-backed financing of two notes, one long-term ($146,250), and one short term ($53,750). This transaction is expected to be finalized within the next 30 days.
Mr. Maherali, President and Chief Executive Officer, stated, "We are very excited at the prospect of further developing and adding to the value of this real estate."
This press release is available on the Freshstart Properties IR HUB for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/IR/Freshstart . Alternatively, investors are asked to e-mail all questions and correspondence to FSPP@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and correspondence directly.
About Freshstart Properties
Freshstart Properties, Inc. is a publicly traded real estate company focused on the acquisition, redevelopment, and management of pre-foreclosed, foreclosed, and bank-owed residential properties in and around the Pacific Northwest. Freshstart Properties' primary focus is on the acquisition and preservation of older residential neighborhoods in transition where market demand is on the rise and crime rates are falling. The company's mission is to create value for its stockholders through increased capital gains. Freshstart's vision is to improve neighborhoods. The company will continue to seek out and invest in those properties with the highest likelihood of achieving both its mission and its vision.
The Freshstart Properties Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2805
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.