DENVER, July 7, 2004 (PRIMEZONE) -- Across America Real Estate Development (Pink Sheets:AARD) announced today the signing of a non-binding letter of intent with Carwash Management & Development (CMD). This agreement gives AARD the first right of refusal to fund up to 72 build-to-suit express car washes in the next three years at an average cost of approximately $1,850,000 per facility. If all built, the 72 car washes would represent approximately $133 million in build-to-suit development business for AARD.
AARD expects to start funding these projects in the next 90 to 120 days. After entitlements are completed, the build cycle on these units is approximately 120 to 150 days.
Alex Lagerborg, President and CEO of AARD, stated: "This is an extraordinary opportunity for Across America Real Estate Development. Entering into this business relationship with CMD can offer a revenue platform for AARD to continue to successfully build and execute its strategic business plan to fund build-to-suit development projects. If CMD is successful in executing their business plan, AARD believes that it could potentially fund approximately $24 million of CMD's build-to-suit development in fiscal year 2005."
GDBA Investments LLLP, a private investment partnership, owns approximately 65% of AARD and holds a 35% ownership interest in Carwash Management & Development.
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.