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DFLR Intends to Sell Its Real Estate Holdings in Utah; Mining Operations to Become Primary Focus Business Wire - February 10, 2005 09:00
SAN DIEGO, Feb 10, 2005 (BUSINESS WIRE) -- Diversified Financial Resources Corp. (OTCBB: DFLR) ("DFLR") announced today that it intends to sell its real estate holdings in Utah. Specifically those that are presently held by the following subsidiaries: Diversified Holdings XIX; Wichita Development Corp.; and Salt Lake City Development Corp.
On Feb. 8, DFLR executed a Purchase and Sale Agreement with Global Links Corp. (OTCBB: GLKCE) that included the sale of the company's real estate holdings to Global Links, including: (1) 15,000-square-foot three-story office building; (5) one-, two- and three-bedroom condos; (1) duplex home with three bedrooms per unit; (2) residential houses -- the first a five-bedroom and the second a three-bedroom. The closing date is set for Feb. 28, 2005.
According to John Chapman, president and CEO of DFLR, "Changing DFLR's focus is key to our success. It is important for DFLR to move from a broad-based holdings company, with numerous subsidiaries in real estate to a company with a more narrowed focus. Consequently, DFLR intends to abandon its plans to operate a healthcare division and other prospective businesses as outlined on its Web site. The plan is to focus primarily on our mining operations. However, DFLR will continue to review opportunities in agriculture, transportation and equipment leasing. The latter may involve an investment in leasing of gaming equipment (i.e., slot machines, video poker slots, etc.) to licensed operators abroad and here in the United States. The sale of DLFR's real estate divisions should enable DFLR to focus upon its mining operations which hopefully will allow management to reduce expenses and in time increase revenues which should result in profitability."
According to Chapman, DFLR's gold and silver mining and milling operation in Chihuahua, Mexico, is now operating between 60% and 70% percent capacity. The initial shipment of gold and silver concentrate is still tentatively scheduled to go to market sometime in the next two weeks. An update on that shipment will be forthcoming. The formal acquisition of the mine is expected to occur within the next 90 days.
About Diversified Financial Resources Corp.
DFLR is currently a holding company with operations in real estate and mining. Investors are strongly encouraged not to make an investment that they cannot afford to lose. Furthermore, DFLR does not recommend that any shareholder take any action solely based upon the information provided above. DFLR strongly encourages the public to read the above information in conjunction with its Form 10KSB for Dec. 31, 2003, and 10QSB for March, June and Sept. 30, 2004. These disclosures can be viewed at www.sec.gov, via navigating to the company's EDGAR filings. DFLR's Web site can be viewed at www.dfrc.net.
This press release may contain forward-looking statements that are based on a number of assumptions, including the successful completion of the necessary due diligence in a short period of time. Although DFLR believes these assumptions are reasonable, no assurance can be given that they will prove correct. These forward-looking statements involve a number of risks and uncertainties, including competitive market conditions, successful integration of acquisitions, and the ability to secure sufficient financing due to such risks and uncertainties.
SOURCE: Diversified Financial Resources Corp.
-------------------- EVERY Day ABOVE GROUND is a GREAT DAY!!! Posts: 2086 | From: Long Island New York | Registered: Aug 2004
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I'm sure we will see this baby move up in two weeks when the gold and silver go to market!! Get in now if you haven't already!
Posts: 52 | Registered: Dec 2004
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