Commonwealth American Financial Group Announces Definitive Agreement date with NW Capital Partners, LLC
November 28, 2005 08:30:02 (ET)
MIAMI, Nov 28, 2005 (BUSINESS WIRE) -- Commonwealth American Financial Group, Inc. (Pink Sheets:CWFG) today announced that the Board of Directors has moved forward with its progress in the Joint Venture project with NW Capital Partners, LLC. Both companies have agreed that by the 12th of December 2005, both corporations will execute the definitive contracts between each other. The agreement will establish the Joint Venture contractual arrangements between the corporations.
The companies in cooperation with developers and local government plan to develop 91 existing units (to be renovated or demolished) and 22 vacant building lots in the Northwest District of West Palm Beach Florida. The approximate cost to develop the area is $6,000,000. The plan is to develop medium and high density housing for an average sales price of $250,000.00 per unit with full financial projections and budgets to be announced. The development will consist of single and multi family homes.
NW Capital Partners, LLC (the Partners) was formed by the Northwest Communities Development Partnership, Inc. (the CDC) a Florida not-for-profit corporation, the CDC's mission is to use its community stakeholder resources, which includes working relationships with the City of West Palm Beach, land owners and developers-builders to facilitate the revitalization of the Downtown Northwest neighborhood.
"This development is an opportunity for both corporations to develop 113 building lots with very well established developers in Florida. This size development has attracted very well recognized developers and we look forward to working with these developers in the future. We would like to adopt the same redevelopment principles and take the same project management team to other cities to replicate the type of development planned for West Palm Beach. The company continues to review other joint venture opportunities and look forward to possible participation in said ventures," said Ms. Ryals President & Chief Operating Officer.
FORWARD LOOKING STATEMENTS: This information includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to mange growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel as related to the industry. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this issue.
SOURCE: Commonwealth American Financial Group, Inc.
Commonwealth American Financial Group, Inc., Miami Kristin Mary Ryals, 305-913-7112 Fax: 305-913-4101
Copyright Business Wire 2005
-------------------- hi Posts: 74 | From: the real OC | Registered: Jul 2005
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*tip the colors don't represent "sells" or "buys"
its the last tick up(green) or down(red) from the last tick. Does not take it account it the bid/ask changes from that time.
Posts: 1533 | From: jacksonville, nc, usa | Registered: Dec 2004
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quote:Originally posted by toomuch: anyway....with the new owner cwfg wont last....it's only a matter of time before we read a PR that tells cwfg change is name to.... and then we'll own a software company!!!
The Good news: Construction contracts still seem to be possible in the near future (the latest PR looks very good, and could just be the tip of the iceberg), which could make the stock go back up in value. Also, even if contracts don't come, then when the new owners change the name and stock symbol and announce their new (or existing) revenue streams then excitement could be generated which will boost the PPS.
The Bad news: If the new owners of this company truly bought CWFG as a shell company, then the chance of them actually pursuing and securing construction/financing contracts is not very likely. Typically, when an existing private company is this different from the shell company they purchased (in order to get listed), they do not actually pursue the previous companies goals. In fact, if CWFG was truly just a shell, as many think, then there won't really be much of anything for the new owners to pursue, anyway. The suspected company name change and ticker symbol change and announcement of new revenue streams will be great for the stock (assuming that the new owners have a decent company and bought the CWFG shell so that they could get legitimately listed and not so they could create their own scam), but it's often the case in situations like this that the new owners will use the name change as an excuse to do a massive reverse or forward split. Since the stock is at a super-low, a reverse split would be very likely. So even if the PPS goes up a bit, the split could negate any positive gain, and, in the worst case scenario, we'd all actually end up with less value than we have now at this seeming rock-bottom price. For instance, if the new owners did a 10-to-1 reverse split and the stock dropped back down to .0001 after the split before anyone has a chance to sell, then whatever you own right now would only be worth 1/10th that post split. A split like this is possibly more likely at time like this than at any other time -- new owners, new goals, time for a name change, too much stock floating around because of the last forward split = perfect RS situation. Not pretty.
The Hope: The new owners announce that they will absolutely not split the stock for at least the next six months. That they then announce that they have solid revenue coming in -- whether it be from the old CWFG deals or from their own software/whatever company (or, best case scenario: revenue form both businesses). Excitement is generated. Lots of nice PR is sent out. Current shareholders hold onto the stock and it turns out that the Market Makers and insiders are not holding on to tons of spare stock. So the PPS skyrockets and we all get rich (or at least get our money back, for those like me that bought this stock a while back at prices that now look way too high).
That's what I'm hoping for. But realistically.... I dunno. If you can risk the money and you're brave and a bit unreasonably optimistic, then you should hold onto this stock without a doubt. But if you value what money you have left in this and can't risk losing it, then you must consider selling (even if it's at a big loss) at whatever price you can. I'm mixed: I was hoping to hold on until we reached at least 0.0005, I need a 0.0003 just to break even (very small loss), but even my attempts to sell a small chunk of my shares at 0.0002 haven't worked all month, and this latest PR isn't moving us so far, despite the rise in volume ... so a sale at 0.0001, if even that's possible, might be the safest choice now, even though it's not at all desirable.
I really hope things turn around, though. It's entirely possible.... if not as likely as I'd like.
small .0002 print just now-jmo-what is happening-there are some people with .0002 sell orders in for a quick double. once they are gone the mm's will move it faster--jmho
Posts: 3056 | Registered: Feb 2005
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quote:Originally posted by eddy: small .0002 print just now-jmo-what is happening-there are some people with .0002 sell orders in for a quick double. once they are gone the mm's will move it faster--jmho
"Quick double" -- haha -- I've got sell orders in for .0002 so that I can take a LOSS. And I've been trying to sell some of my holdings for .0002 for over a month, and I've been holding this stock for many months, from before the split, so there's nothing quick about it.
But you're right, of course ... some of these .0002 sells are from people trying to make a quick double. But we've seen that before... too many people were able to buy in at .0001. That's going to to keep this stock from running big time for a while, since there are so many people ready to cash in with double and triple earnings every time this ticks up to .0002 or 3.
Can somebody post a full level II break down for this that's current?
Hey guys. Last week on Wednesday I sent Kristen an email. In the e-mail I spoke of my concerns about the lack of performance of CWFG and also made critical comments about the weak PR. To date, she has not responded to my e-mail. I made it very clear that I wanted a response from her or I would report Commonwealth to stock patrol and to the SEC. Today, the PR comes out.
quote: The company continues to review other joint venture opportunities and look forward to possible participation in said ventures," said Ms. Ryals President & Chief Operating Officer.
Take notice in the PR that they (whoever compiled this weak PR) refer To Ms. Ryals as the COO. Now, i thought this was cleared up weeks ago when Guthrie steped down and she was made CEO. I honestly think that there is some real type of scam going on here. They can not get their story straight.
Now, I am not bashing this stock. I have held this stock for over 5 months 4.5 mil shares with a .0004 avg. I think those of us stockholders who have an interest in Commonwealth need to persue some investigation with stockpatrol.com.
Additionaly, we should demand from the CEO or COO, whatever her title may be today, more information on what Commenwealth has in store for its invested stockholders in the future.
Finally, since Ms. Ryals is a "seasoned professional" I think we deserve a PR with her credentials and history in running a business such as CWFG.
Posts: 166 | From: Phoenix, AZ | Registered: Jul 2005
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