Letter to Shareholders - Granite Development Corporation
Released_By: USANews
Date: 7/13/98
Time: 7:58:00 PM
For_Immediate_Release
Dear Shareholders
Granite Development Corporation expects to acquire the management rights to
several building projects in San Francisco, California. These projects will be
valued at $5,000,000 to $7,000,000 and will return management fees and equity to
Granite in 1998 and 1999 in excess of $2,000,000.
To date, the company has had minimal revenues and a reasonably high asset
base and minimal debt. Its primary activities have included acquiring a
management team to compile management and marketing plans for each of the
company’s developments.
The company was incorporated in Nevada on January 15, 1986. An S-18 initial
public offering was completed in April 1986. The company’s shares trade
over-the-counter under the OTC NASDAQ symbol – GRAD.
The company currently has 1,097,000 shares outstanding with a book value of
$4.00 per share and assets as of Dec. 31, 1997 of $5,000,000 net value and is
expected to exceed $25,000,000 gross assets in value for 1998. Gross revenues of
the consolidated Granite companies will be in excess of $10,000,000 for fiscal
1998.
Granite Development Corporation, an emerging real estate development company,
acquires and develops three distinct types of properties throughout the United
States. Property that have all entitlements in place: income producing
residential facilities, residential lots for development and sale, and
commercial and industrial properties that require rehabilitation.
Granite Development Corporation with Terrence Sheehan, President, is
negotiating to consolidate real-estate properties in the state of new Mexico,
for development for residential use as single family dwelling lots. The
designation of these assets into the company will enable the company to provide
risk balanced financial guarantees for various investments and real-estate
projects. As the assets grow, the company expects to participate in high yield
investments and real estate development programs. The company expects to be
compensated for its services and so earn returns on its assets and real estate
development projects.
Granite Development Corporation announces new officers, directors and a
change of corporate office to Carson City, Nevada.
Terrence Sheehan has been named President and CEO of Granite, bringing with
him vast experience as a banker, mortgage banker and successful real estate
developer over the past 20 years. We are proud to have Mr. Sheehan on board.
William de Pedraza has been appointed Chairman of the Board following his
term as President of Granite. Willie has broad experience in international
finance and real estate acquisition and development.
Robert Anderson has been appointed as Senior Vice President and Director of
Granite Development and President of the Anderson Steel Home Building subsidiary
of Granite. Bob Anderson has an extensive background in real estate,
construction and real estate law.
Jim Fain has been appointed Vice President Mineral Sales and President/CEO of
All Gypsum Corporation, a subsidiary of Granite
Gary Luttrell has been appointed Vice President and Secretary of Granite.
Gary has over 30 years experience in real estate, banking and public finance.
LIST OF NEW OFFICERS AND DIRECTORS
William J. de Pedraza Chairman
Terrence Sheehan President
Bob Anderson Senior Vice President
Jim Fain Vice President Mineral Sales
Gary Luttrell Vice President/Secretary/Treasurer
All above are Directors and Officers effective as of March 1st, 1998.
OFFICE LOCATIONS: Corporate Office 3817 South Carson Carson City, Nevada
89701 Regional Office 3030 Bridgeway, #100 Sausalito, CA 94965 415-289-1710
415-289-1712 fax
The Company is featured on the Internet at USANews Stock Research Network.
The URL is: http://www.geraldsnet.com
For more information, contact GERALD COMMUNICATIONS Gerald Sterchi -Director
Investor Relations (916) 854-4931 Fax (916) 983-7783
