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NORTH HUNTINGDON, Pa., Nov. 20 /PRNewswire-FirstCall/ -- Beacon
Redevelopment Industrial Corporation (Pink Sheets: BCND) today announced that
it entered into negotiations to acquire a ten year lease with an option to
purchase a riverfront property to form the company's coal distribution center.
The location, totaling 8.4 acres, in Sewickley Township, Westmoreland
County, Pennsylvania, is situated on the Youghiogheny River. A working
railroad runs through the property, and road access is available. "The
property provides Beacon with a perfect distribution and storage site for its
coal operations," Adam Marek, Beacon's President, said. Using equipment such
as the Pennsylvania Crusher and the Posimetric Feeder, Beacon will be able to
prepare its coal in a manner that will achieve maximum revenues per ton.
Under the proposed lease, Beacon Energy Corporation will also acquire the
right to locate and develop natural gas wells on the property. It will
receive 80% of the revenue from any gas taken from the property. For gas
wells established during the ten year period, Beacon will receive the revenues
for fifteen years after the lease expires if it does not choose to purchase
the property. "The land owner purchased this land previously held by a large
developer which never realized the natural gas potential on the property,"
Marek advised.
In both 2007 and 2008, Westmoreland County had the largest number of gas
well permits applied for in Pennsylvania. In fact, nearly 13% of all gas well
permits over the last two years originated in Westmoreland County.
"Westmoreland County's natural gas reserves are significant, and this is one
of the main reasons we are focused in that area. With new technologies that
enable the ability to extract natural gas from the Marcellus Shale reserve, up
to 6,000 feet deep, properties such as this are ideal to stimulate revenues,"
Marek explained.
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,
including, without limitation, the company's limited operating history and
history of losses, the inability to successfully obtain further funding, the
inability to raise capital on terms acceptable to the company, the inability
to compete effectively in the marketplace, the inability to complete the
proposed acquisition and such other risks that could cause the actual results
to differ materially from those contained in the company's projections or
forward-looking statements. All forward-looking statements in this press
release are based on information available to the company as of the date
hereof, and the company undertakes no obligation to update forward-looking
statements to reflect events or circumstances occurring after the date of this
press release.
SOURCE Beacon Redevelopment Industrial Corporation
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