DENVER, June 15, 2004 (PRIMEZONE) -- Across America Real Estate Development (Pink Sheets:AARD) announced the sale of a build to suit development project for a Family Dollar store located in Union City, Georgia. This property was sold through its subsidiary Cross Country Partners II to a third party investor for $680,000. The Company's 80% participating interest in its subsidiary generated a gross profit on the transaction. AARD provided 100% financing of the project.
"AARD is pleased to have funded the development of this Union City Family Dollar Store. Family Dollar is one of the fastest-growing discount store chains in the United States, with more than 5,200 stores in 43 states," said Alex Lagerborg, President and CEO of AARD. "We believe that the dollar channel and Family Dollar represent one of the significant growth opportunities for our Company. As we provide funding solutions for our build to suit developer clients, we will seek additional opportunities to explore other build to suit funding channels and further enhance our shareholders value by setting the goal of being the low cost provider and best-in-class of build to suit equity financing."
About Across America Real Estate Development
Across America Real Estate Development is a national, publicly traded company that is an investor partner focusing on 100% financing of build to suit projects and also seeking to be the low cost provider of financing for those transactions where a bank requires developer equity.
Forward-Looking Statements. All statements contained in this press release that are not statements of historical fact constitute "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from historical results or from any future results expressed or implied by such forward-looking statements. Readers are urged to consider statements that include the terms "believe," "belief," "expects," "plans," "anticipates," "intends" or the like to be uncertain and forward-looking. Forward-looking statements also include projections of financial performance, statements regarding management's plans and objectives and statements concerning any assumptions relating to the foregoing.
Additional information can be found at the Company's web site at www.aard.us. Copies may also be obtained by contacting Across America's offices at 303-468-3974. The company assumes no obligation to update the information in this press release.