Beacon Redevelopment Industrial Corp. Updates Shareholders as to Current Ongoing Projects
2008年11月12日 - 2:56PM
PRニュース・ワイアー (英語)
NORTH HUNTINGDON, Pa., Nov. 12 /PRNewswire-FirstCall/ -- Beacon
Redevelopment Industrial Corporation (Pink Sheets: BCND) provides
the following shareholders update and general public information
about its projects. BCND continues its investigation per geological
studies as to the Westmoreland Glass Factory's natural gas
properties. The preliminary results indicate that producing gas
wells exist. A review of public records indicates that the gas
wells were and still are in use, and that all rights now belong to
BCND's subsidiary, Beacon Pennsylvania Holdings. BCND has directed
its counsel to transfer natural gas rights to its subsidiary Beacon
Energy Corporation. BCND hopes to have the results as to the extent
of the natural gas reserves on the property soon so future revenues
for the company can be determined and accounted for. "We are very
optimistic that significant reserves exist on the property as
natural gas is abundant in the area, which is why the factory was
built in Grapeville, Pennsylvania, a century ago. I am anxiously
awaiting additional geological reports and other pertinent
information," said Adam Marek, BCND's President. As to the West
Virginia land parcels, BCND's wholly owned subsidiary, Beacon West
Virginia Holdings, Inc., has agreed to and finalized the purchase.
Rather than expend significant amounts of company money on transfer
taxes, Beacon WV purchased 100% of the corporation that owns the
land, Old Field Fork Corp. Adam Marek will become President of
OFFC, and will immediately transfer all interest in the corporation
to Beacon West Virginia Holdings, Inc. a wholly owned subsidiary of
Beacon Redevelopment Industrial Corporation. In other developments,
Beacon WV today arranged payment in full per the sales agreement to
satisfy all outstanding bills regarding the 2008 property taxes on
the West Virginia parcels so that Beacon can move forward with the
bidding for the logging rights of the site. About Beacon
Redevelopment Industrial Corporation: Beacon specializes in
acquiring undervalued properties that offer the potential for above
average return on investment along with multiple assets and
development ability at distressed prices. The properties must offer
recyclable/salvageable materials, energy resources, or mineral
rights along with the potential for redevelopment and or desirable
development potential. This press release contains certain
forward-looking statements. All forward-looking statements in this
press release are based on information available to the company as
of the date hereof, and the company undertakes no obligation to
update forward-looking statements to reflect events or
circumstances occurring after the date of this press release.
DATASOURCE: Beacon Redevelopment Industrial Corporation CONTACT:
Adam Marek for Beacon Redevelopment Industrial Corporation,
+1-908-400-3760, Web site: http://www.beaconredevelopment.com/
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