DENVER, May 5, 2005 (PRIMEZONE) -- Across America Real Estate Development (Pink Sheets:AARD), a developer partner focusing on 100% financing of build-to-suit real estate projects and specializing in financing for those transactions where a bank requires developer equity, announced that it has secured a Ten Million Dollar senior debt financing commitment under a credit agreement from Vectra Bank Colorado, NA. This commitment will allow AARD to fund construction notes for build-to-suit real estate projects, supporting more rapid growth for the Company and expand its customer base.
"We are delighted that Vectra Bank has shown confidence in Across America Real Estate Development's ability to execute it strategic business plan," said Alex Lagerborg, President and Chief Executive Officer of AARD "The business volume we are seeing reinforces our belief that providing 100% financing for the small box single pad real estate developer is an underserved market that is rapidly growing. We look forward to working with Vectra Bank Colorado as our senior debt funding provider. In addition to providing excellent service for our other banking needs this line of senior debt will enhance AARD's ability to continue our rapid growth and provide flexibility in shaping our strategic future. We are pleased to be a Vectra Bank client."
"We have followed AARD's growth almost from its inception," said Jim Creamer, Vice President Commercial Banking for Vectra Bank. "We have been impressed with the Company's vision and execution of their market niche with the small pad developer. We are pleased to support AARD's growth plan through this financing and look forward to leveraging our personal banking style and relationship with the Company."
About Across America Real Estate Development
Based in Denver, Colorado, Across America Real Estate Development (Pink Sheets:AARD) is a national, publicly traded company that is an investor partner to real estate developers focusing on 100% financing of build to suit projects and also providing financing for those transactions where a bank requires developer equity. For more information visit our website www.aard.us
About Vectra Bank Colorado
Vectra Bank Colorado, a wholly-owned subsidiary of Zions Bancorporation (Nasdaq:ZION), serves Colorado's small, middle-market and corporate business clients through 40 full-service branches in communities across Colorado. With assets of $2.5 billion, Vectra is Colorado's sixth largest bank. For more information, visit Vectra Bank Colorado online at: http://www.vectrabank.com.
This press release can also contain certain information about AARD's business prospects and financial projections. These are only prospects and projections based upon good faith current expectations of the management of AARD. This information is based on assumptions as to future events that are inherently uncertain and subjective. AARD makes no representation or warranty as to the attainability of such assumptions or as to whether future results will occur as projected. You are expected to conduct your own investigation with regard to AARD and its prospects.
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 303-893-1003. The company assumes no obligation to update the information in this press release.