posted
I think the confusion regarding the 56 acres is due to this PR, but wouldn't it be nice to see them both come true? =)
MIAMI--(BUSINESS WIRE)--Dec. 12, 2005--Commonwealth American Financial Group, Inc. (Pink Sheets:CWFG - News) announces that they have signed a definitive agreement with NW Partners LLC to purchase and develop 91 existing and 22 vacant lots in West Palm Beach, FL. The agreement establishes the contractual arrangements between the corporations. The project consists of 91 existing units (to be renovated or demolished) and 22 vacant building lots in the Northwest District of Downtown West Palm Beach, Florida. The approximate cost to purchase the existing units and lots is $7,500,000. The plan is to purchase and develop medium and high density housing with starting sales price of $250,000 per unit. The development will consist of single family homes, condominiums and retail commercial.
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.
Kristin Mary Ryals CEO said, "We are excited about this venture because there is huge demand in downtown West Palm Beach and these properties are the next properties to be developed in the downtown West Palm Beach redevelopment plan. The location of the properties adjoins City Place and others." See links: http://www.cityplace.com/
posted
For West Palm, assuming a $50k profit for 91 lots ($4,550,000)and $100k for 22 ($2,200,000)... that would equal $6,720,000. Not too shabby, huh?
-------------------- Life is like a roll of toilet paper. The closer it gets to the end, the faster it goes.
posted
The lot is suppose to be in North Central Florida right? I live in Florida and W.Palm area is considered South Florida. Am I missing something
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posted
The PR that announced the buyback made such a huge impact on volume. The very last PR a few days ago, didn't do squat. We need more info on what's going on with the buyback. It feels like the CEO has totally forgotten about that but I'm sure it's just me.
-------------------- "NEVER UNDERESTIMATE THE POWER OF THE U.S./CHINA CONNECTION"
posted
Grab the shock paddles, this is a flatlined stock. helpppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp
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posted
Commonwealth American Financial Group Commences Survey of Land Development Project in Florida Monday January 9, 8:30 am ET
MIAMI--(BUSINESS WIRE)--Jan. 9, 2006--Commonwealth American Financial Group, Inc. (PINK SHEETS: CWFG - News) announced today that the seller has initiated the survey of the land precedent to closing. The closing is scheduled for 10th February 2006. ADVERTISEMENT
The parcel of land is situated in a very high growth area of North Central Florida. Upon closing the company will begin a sales and marketing campaign for the property. The company expects to sell the land for substantially more than the acquisition price in several parcels, resulting in a substantial profit to the company.
Ms. Ryals, President and CEO, said, "We are interviewing a number of local engineering firms that will be utilized for their engineering services. The engineering firm chosen will prepare the engineering documents for submission to the local county for approval. We anticipate that a firm will be contracted prior to closing so that we can immediately move forward with the development of the land."
The mission of Commonwealth American Financial Group, Inc. is to invest in land development projects either as developer, joint venture partner, or lender and create mezzanine-financing opportunities. The company will also grow by acquiring subsidiaries in related fields such as construction, real estate brokerage-appraisal-management, in Florida, Texas and Louisiana.
The Company has established a website www.cwfgroup.net and trades under the symbol (PINK SHEETS: CWFG - News).
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posted
See what they are doing here with these pr's is TRYING to instill investor confidence --- THEY ARE GOING TO OWN 56 ACRES IN CENTRAL FLORIDA PEOPLE ---
"We anticipate that a firm will be contracted prior to closing so that we can immediately move forward with the development of the land."
They want to make $$$$ just as bad as we do !!!
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posted
The last two PR's were written with little clarity. This one clearly says they bought the land in order to resell (flip). Well, there's little profit in that.
But it also seems to say they bought the land to develop it. So what's the real story? The only way to make a substantial profit is to build on the land, not to flip it.
With these kind of PR's this stock is going to move about as fast as an 80 year old man with a load in his diaper.
-------------------- Do not boast about tomorrow, for you do not know what a day may bring forth -- Proverbs 27:1
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posted
Brooklyn, Until this thing starts to move I'm stickin with what I have. I've got 40 million millipenny shares invested now and will wait until they grow up to be big penny shares. If at all possible.
-------------------- Trust but verify!
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posted
Guys - it's not a fluff pr - it's an update. They're trying to let everyone know about progress. It's actually a welcome change. The new CEO is obviously much better at investor relations.
I only wish they would post this to a devoted subpage of their website - it might be cheaper than paying for releases through prn or bizwire.
Another thought - it looks like they stopped the initiative around hurricane rebuilding contracts and refocused to florida development. I bet that's a reason why Damien was removed - because he took the company away from its core competency.
-------------------- You can't afford to risk, what you can't afford to loose.
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posted
I'm not saying it's a fluff PR. It's just not clear. I just want CWFG to clarify their intentions for the land -- are they flipping or building?
That single bit of information could be the difference between keeping this stock stuck in the ghetto or moving to the northern suburbs...
-------------------- Do not boast about tomorrow, for you do not know what a day may bring forth -- Proverbs 27:1
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