Beacon Redevelopment Industrial Corporation Reaffirms Contract With Renaissance Renovations and Development LLC
06 7월 2009 - 2:12PM
PR Newswire (US)
WILMINGTON, Del., July 6 /PRNewswire-FirstCall/ -- Beacon
Redevelopment Industrial Corporation (Pink Sheets: BCND) previously
announced negotiations with respect to a third party seeking to
acquire control of the company. These negotiations continue the
path of finalization and the company intends to notify shareholders
promptly upon approval of all parties as to the final contract. In
addition, the company previously announced the appointment of Rick
Blackburn as President of Beacon Redevelopment Industrial Corp. and
its subsidiaries. Mr. Blackburn is also a Manager of Renaissance
Renovations & Development LLC. This resulted in inquiries from
shareholders about the previously entered contract amid speculation
that RRD intended to reduce costs associated with the contract by
placing their agent in a managerial capacity at Beacon
Redevelopment. Mr. Blackburn, as President of Beacon Redevelopment
and its subsidiaries, maintains a fiduciary duty to the investors
of the company and must take actions to further their interests and
increase shareholder value. As such, the company will not alter the
agreement announced on September 25, 2008, between the company and
RRD. Under the contract, Beacon Redevelopment's wholly owned
subsidiary will receive payment of an additional $5,350,000.00 in
exchange for the rights to salvage the Westmoreland Glass Factory
in Grapeville, Pennsylvania. This necessarily means that Beacon
Redevelopment will not provide any discounts to RRD and will not
renegotiate the monetary terms to make it more favorable for the
contractor without regard to any market changes for industrial
building supplies. Both companies are actively pursuing the
demolition in accordance with the understanding. In fact, Mr.
Blackburn will be in Western Pennsylvania for nine (9) days
beginning on July 11, 2009, furthering the pre-demolition stages.
He hopes to update interested parties on the progress thereafter.
This press release does not constitute an offer of any securities
for sale. This press release contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ. All
forward-looking statements in this press release are based on
information available to the company as of the date hereof. SOURCE:
Public Relations Beacon Redevelopment Industrial Corporation
302-724-6919 URL: http://www.beaconredevelopment.com/ DATASOURCE:
Beacon Redevelopment Industrial Corporation CONTACT: Public
Relations of Beacon Redevelopment Industrial Corporation,
+1-302-724-6919, Web Site: http://www.beaconredevelopment.com/
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