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Commonwealth American Financial Group Agrees to Joint Venture with NW Capital Partners, LLC Nov 10, 2005 9:05:00 AM Copyright Business Wire 2005 ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Nov. 10, 2005--
Commonwealth American Financial Group, Inc. (Pink Sheets:CWFG) today announced that the Board of Directors has approved a Joint Venture project with NW Capital Partners, LLC., subject to all applicable laws and the complete execution of definitive contracts.
The companies will joint venture on the acquisition of 91 existing units (to be renovated or demolished) and 22 vacant building lots in West Palm Beach City Center, Florida for a cost of approximately $6,000,000 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.
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.
"We are honored that NW Capital Partners has chosen our company to participate in this redevelopment project as partners as we believe this opportunity very worth while for the community and very lucrative for the company and its shareholders. 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 manage 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.
St. Petersburg Kristin Mary Ryals 305-913-7112 Fax 305-913-4101
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