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Another_Newbie
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Watch it

U.S. Development Corporation (Pink Sheets:UDVC - News) is pleased to announce significant and positive developments for the Company.

For nearly a year, the Company has been involved as plaintiff in federal litigation over a signed agreement in late 2004 that contemplated a significant acquisition and change in business direction for the Company. The Company had also advanced approximately $270,000 in operating capital based on that agreement. The terms of the agreement were never fulfilled, discrepancies and disagreements arose, and the Company filed a federal lawsuit in 2005 for recovery of money advanced, after normal negotiations failed. The defendants counter-sued in defense, claiming significant damages against the Company. As of late December 2005, the Company is pleased to announce that it has settled all its litigation, has a settlement agreement in place for recovery of all advanced funds and certain legal fees, and has received a substantial initial payment on the settlement.

With a new ability to focus on profitable business lines since settlement of the litigation issues, management of UDVC has been diligently working to streamline operations within the Company and concentrate on opportunities that fulfill its initial mission of achieving short to intermediate-term capital appreciation and income from the acquisition/development of land and pursuit of other opportunistic investments.

As such, UDVC is also pleased to announce that it has closed on its first major land purchase. The Company has acquired approximately 604 acres of land situated near Sierra Blanca, Texas. This section of land is unique in its area and attractive to us for several reasons:

(1) U.S. Interstate 10 runs completely through the middle of the property from the southeast corner to the northwest corner. This allows for significant opportunities to subdivide and resell interstate highway frontage parcels, including commercial opportunities for the I-10 exit at the NW corner of the parcel, at prices substantially higher per acre than paid for the entire parcel.
(2) A major rail track runs parallel to I-10 in this area, within yards of the NE corner of the parcel. This track is a mainline transportation route running from the east to west coasts of the United States.
(3) The land was transferred to UDVC with full mineral rights. Initial on-site inspections show the property to be quite rich in aggregate, sand, gravel, and other basic construction minerals on the surface. Its proximity to the mainline railroad allows for significant opportunity for mining and shipping of these natural resources to either U.S. coast, or within other parts of Texas itself. Management believes significant opportunities exist for the mining and shipping of these basic minerals for delivery to several major California contractors primarily involved in road construction.
(4) Although no geological studies have been performed by UDVC yet, and none were given in the sale, country records show that all surrounding parcels of land and mineral rights are owned by major oil companies, most significantly Chevron on three of four sides. UDVC intends to run seismic surveys on the property in search of natural gas findings. The area is known for prolific gas fields.
Darrel Uselton, Chairman & CEO stated: "We are thrilled to be out of the 'litigation' business and back in the 'land' business." Uselton further stated: "Our first significant acquisition is an outstanding example of the value we intend to build for the Company and its shareholders, and a situation where our 'value added' approach can significantly increase worth. We're also pleased that the Company has maintained its debt free status and issued no new equity for the years 2004 & 2005. We're looking forward to continuing progress both in new land acquisitions and reaching profitable operations within our original strategy of land acquisition and development."

The primary objective of US Development Corporation, a Houston-based company, is to achieve short to intermediate-term capital appreciation and income from the acquisition/development of land and pursuit of other opportunistic investments. The Company's business, from a different perspective, is to provide an easy means for investors to own land indirectly through their ownership of shares in the Company itself, without the headaches, hassles and financing issues normally associated with traditional land acquisition, development, and management. For more information on the Company, please visit our website at www.USDevelopmentCorp.com

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

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Another_Newbie
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Up 200% today
Posts: 293 | Registered: Nov 2005  |  IP: Logged | Report this post to a Moderator
Another_Newbie
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no one is playing this today?
Posts: 293 | Registered: Nov 2005  |  IP: Logged | Report this post to a Moderator
   

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