Four Star Holdings Acquires Four Star Realty
May 18 2010 - 10:31AM
As an ongoing effort to roll up properties into Four Star Holdings,
Inc. (OTCBB:FSTH), the Company announced today that it will be
operating its Real Estate Brokerage firm Four Star Realty, LLC as a
subsidiary of Four Star Holdings, Inc.
Early in 2002, after successfully working together for almost a
decade, Bobby Smith, Jr., Four Star's CEO, a Builder and Developer,
and Fran Mize, a Real Estate Broker, began to formalize their
vision of a Company which could purchase and develop land as well
as build and sell the homes. This is in addition to the acquisition
of Ridgefield Development (appraised approximately $10.5 million
based on a Fair Market Value Discounted to a Single Purchaser) that
was announced last week.
Management intends to roll up six more developments into the
Company over the next 45-60 days equating to approximately $78
million in appraised value with 5,500 building lots averaging sales
price of $250,000 per home. The Company's building market,
according to The National Home Builders Association, speculated
that the hard hit areas were the Sunbelt/coastal states which
disrupted the real estate boom. During the sub prime crisis,
Birmingham home pricing experienced a moderate decrease of 5% to an
average home price of $145,000, reported on May 14, 2009. However,
ahead of the rest of the country Birmingham recorded an early
recovery in the onset of October 2009 with area home sales rising
13% and stabilizing and last month increasing 20%.
The Four Star Holdings, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7467
Safe Harbor Disclosure -- This Press Release contains or
incorporates by reference "Forward-looking statements," including
certain information with respect to plans and strategies of Four
Star Holdings, Inc. For this purpose, any statements regarding this
announcement, which are not purely historical, are forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995, including Four Star Holdings, Inc. beliefs,
expectations, hopes or intentions regarding the future. All
forward-looking statements are made as of the date hereof and based
on information available to Four Star Holdings, Inc. as of such
date. There are a number of important factors that could cause
actual events or actual results of Four Star Holdings, Inc. and its
subsidiaries to differ materially from those indicated by such
forward-looking statements.
CONTACT: Golden Key Business Ventures
(631) 750-6718