JACKSONVILLE, Fla.,
July 22, 2011 /PRNewswire/ --
Fidelity National Timber Resources, Inc. ("FNTR") a wholly-owned
subsidiary of Fidelity National Financial, Inc. (NYSE: FNF), is
pleased to announce its plans to open the Tom Weiskopf designed
golf course tentatively named The Rock Creek Club of Idaho (formerly known as Black Rock North) in
the late spring of 2012. This world class golf course
is located on approximately 1,000 acres of beautiful rolling
terrain situated on the bluffs above Lake Coeur d'Alene and is
conveniently located only minutes from downtown Coeur d'Alene,
Idaho. The property also has preliminary entitlements for 330
residential units. FNTR intends to offer a variety of unique
membership opportunities tailored to fit current market
conditions. Such offerings are planned to include memberships
that will allow access to the highly acclaimed Rock Creek Cattle
Company located in Deer Lodge, Montana. In addition,
discussions are under way with FNTR's strategic partner and
industry leading developer of luxury private club
communities around the globe, Discovery Land Company,
regarding opportunities for multi-faceted memberships and property
ownership in other highly desirable destinations. The first
phase of the real estate development at The Rock Creek Club of
Idaho is in final planning stages
and is being designed to provide buyers with variety of appealing
residential units that offer compelling value.
"We are extremely excited about moving forward with the grand
opening of The Rock Creek Club of Idaho," said FNF Chairman William P. Foley, II. "Our strong capital
backing and low cost basis, in combination with the existing
entitlements and substantial improvements on the property, place
FNTR in a unique position to successfully complete the development
of a world class golf course community in a beautiful
location. Current market conditions require creativity in
structuring both the golf club membership offerings and the types
of residential units FNTR brings to market over time. FNTR's
existing assets, in combination with the experience and assets of
our strategic partners, place FNTR in an ideal position to provide
the types of offerings and product the market currently
demands. Furthermore, FNTR's recent investment in Gozzer
Ranch, an outstanding Discovery Land Company project, combined with
our investment in The Rock Creek Golf Club of Idaho, demonstrate our commitment to and
optimism for the future of the real estate and business markets in
the greater Coeur d'Alene region and the Inland Northwest. We
are very excited about becoming a part of this outstanding
community and working closely with Kootenai County officials and its residents to
move this project forward in an open and cooperative manner."
About FNF
Fidelity National Financial, Inc. (NYSE: FNF), is a leading
provider of title insurance, mortgage services, specialty insurance
and diversified services. FNF is the nation's largest title
insurance company through its title insurance underwriters -
Fidelity National Title, Chicago Title, Commonwealth Land Title and
Alamo Title - that collectively issue more title insurance policies
than any other title company in the
United States. FNF also provides personal lines
insurance and home warranty insurance through its specialty
insurance business. In addition, among other operations, FNF owns
minority interests in Ceridian Corporation, a leading provider of
global human resources, payroll, benefits and payment solutions and
Remy International, Inc., a leading designer, manufacturer,
remanufacturer, marketer and distributor of aftermarket and
original equipment electrical components for automobiles, light
trucks, heavy-duty trucks and other vehicles. More
information about FNF can be found at www.fnf.com.
Forward Looking Statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties. Statements that are
not historical facts, including statements regarding our
expectations, hopes, intentions or strategies regarding the future
are forward-looking statements. Forward-looking statements are
based on management's beliefs, as well as assumptions made by, and
information currently available to, management. Because such
statements are based on expectations as to future financial and
operating results and are not statements of fact, actual results
may differ materially from those projected. We undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. The
risks and uncertainties which forward-looking statements are
subject to include, but are not limited to: changes in general
economic, business and political conditions, including changes in
the financial markets; weakness or adverse changes in the level of
real estate activity, which may be caused by, among other things,
high or increasing interest rates, a limited supply of mortgage
funding or a weak U. S. economy; our potential inability to find
suitable acquisition candidates, acquisitions in lines of business
that will not necessarily be limited to our traditional areas of
focus, or difficulties in integrating acquisitions; our dependence
on distributions from our title insurance underwriters as a main
source of cash flow; significant competition that our operating
subsidiaries face; compliance with extensive government regulation
of our operating subsidiaries; and other risks detailed in the
"Statement Regarding Forward-Looking Information," "Risk Factors"
and other sections of the Company's Form 10-K and other filings
with the Securities and Exchange Commission.
SOURCE Fidelity National Financial, Inc.