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[QUOTE]Originally posted by J_U_ICE: [QB] GWES (.15) Sells Westchester Lakes for Almost $3.78 Million PR Newswire "US Press Releases " SCOTTSDALE, Ariz., Nov. 7 /PRNewswire-FirstCall/ -- Great Western Land & Recreation, Inc. (OTC Bulletin Board: GWES) announced today that it has sold its approximately 200-acre Westchester Lakes property in Harris County, Texas, a fast growing Houston suburb, for approximately $3.78 million. The buyer is Sunbelt Investors LLC, a privately owned Nevada company. The buyers paid $1.8 million at closing and almost $1.98 million with a note secured by a second deed of trust on the property. "Since this sale occurred on September 28, just before the end of our September 30 fiscal year," noted David J. Weber, Great Western's president and chief executive officer, "it will boost the results we will report after our financial audit is completed. The company has about a $1.8 million book profit on this sale." Great Western announced August, 2004 that David J. Weber was named president and chief operating officer. He was named chief executive officer early in 2006. Mr. Weber previously was vice president and chief financial officer of Royce Homes, a major national homebuilder. Prior to that he was a regional vice president for D. R. Horton, Inc., a nationwide homebuilder listed on the New York Stock Exchange. He has been in the home building business since 1979. About Great Western Land and Recreation Great Western Land and Recreation Inc. is a real estate development company based in Scottsdale, Arizona. The company's roots go back to one of the oldest mortgage and investment banking firms in Kansas. The bulk of Great Western's activity is currently focused in two of the nation's fastest-growing major metropolitan areas, Houston and Phoenix. It is also developing a major ranch property in Arizona. This news release may contain certain statements that constitute "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often characterized by the use of words such as "may," "believes," "plans," "will," "anticipates," "estimates," "expects," or "intends" or by discussions of strategy, plans or intentions. All forward-looking statements in this news release, including statements regarding sales, new projects and financing of capital expenditures, are made based on the company's current expectations and estimates, which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. These risks and uncertainties include, but are not limited to, general economic conditions, competitive factors, real estate market conditions, changing demographic conditions, adverse weather conditions and natural disasters, delays in construction schedules, the availability of qualified third-party contractors, cost overruns, changes in government regulations or requirements, increases in real estate taxes and other local government fees, the company's ability to locate new projects and to finance the acquisition and development of these projects on acceptable terms, changes in interest rates, the unpredictability of the timing of real estate sales and the cost of land, materials and labor. Additional information is included in the company's filings with the Securities and Exchange Commission, and can be found at http://www.sec.gov . Great Western Land and Recreation assumes no obligation to update any forward-looking statements to reflect anticipated or unanticipated events or circumstances occurring after the date of this news release. SOURCE Great Western Land & Recreation, Inc. [/QB][/QUOTE]
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