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GRANITE DEVELOPMENT CORP. MAKES $1.0 MILLION ACQUISITION
Released_By: USANews
Date: 7/13/98
Time: 8:02:40 PM
For_Immediate_Release
Granite Development Corp. (GRAD-OTCBB), today announced that it has entered
into a purchase agreement to acquire properties in San Francisco and Marin
County. The land acquired is valued at $1.0 million dollars by the Appraisal
Institute of California and will be used for the construction of premium
residential dwellings and multi-use family housing. The resale value on these
properties is estimated to be in excess of $2.5 million. This acquisition brings
$3.00 per share book value to the company.
Granite Development Corp. is a fully integrated, real estate corporation
focusing on the acquisition, development and construction of quality apartments
and homes.
This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934. as amended. The forward-looking statements
contained in this release are statements that involve risks and uncertainties,
including, but not limited to, the demand for apartment homes, the effects of
economic conditions, the impact of competition and competitive pricing, changes
in construction costs, the results of financing efforts, potential acquisitions
under agreement, the effects of the company's accounting policies and other
risks detailed in the company's filings with the Securities and Exchange
Commission.
The company is featured on the Internet at GeraldsNet Stock Research Network.
The URL; http://www.geraldsnet.com.
For more information, contact GERALD COMMUNICATIONS Gerald Sterchi -Director
Investor Relations (916) 854-4931 Fax (916) 983-7783
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