Relm Holdings Sub Signs Real Estate Purchase Contracts
04 Junio 2009 - 9:52AM
Marketwired
Relm Holdings Inc. (PINKSHEETS: RELM) announced the signing of two
purchase contracts for a 32 unit multi-tenant commercial real
estate property and a retail business and commercial building in
New Jersey. These purchase contracts will replace the $5.8 million
commercial property purchase agreement that was previously
announced, but failed to close because of due diligence issues.
Both acquisitions are from the same seller and total $7 million.
Based on the seller's information, the acquisition by Relm Real
Estate Holdings Inc., a subsidiary of RELM, is expected to result
in an annual EBITDA of $1.2 million.
This acquisition is in line with RELM's strategy to lead a
vertically integrated family of companies that provides full
solutions for its affiliates. RELM's management team is currently
working on additional acquisitions of comparable real estate to be
purchased by RELM's subsidiary, Relm Real Estate Holdings.
The team plans to restructure the existing agreement with the
primary stock lender, which provided Series A Preferred Shares to
be used as collateral, as these properties are expected to be
funded by third party lenders and a corporate offering. Both
purchases will be serviced using RELM's proprietary BCLOC
Platform.
About RELM
RELM Holdings Inc. is a holding company and since 1994 has
conceived, designed, and developed new innovative financial
products that "absorb asset risk." RELM's business model is to
acquire companies that help support its financial and technology
products. RELM intends to lead a vertically integrated family of
companies that provides full solutions for its affiliates and
clients from underwriting, servicing, raising capital, and
commercialization, to securitization and guaranty of its products
in the marketplace For more information about the company, please
visit www.relmholdingsinc.com.
SAFE HARBOR
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for forward-looking information made on the company's
behalf. All statements, other than statements of historical facts
which address the company's expectations of sources of capital or
which express the company's expectation for the future with respect
to financial performance or operating strategies, can be identified
as forward-looking statements. Such statements made by the company
are based on knowledge of the environment in which it operates, but
because of the factors previously listed, as well as other factors
beyond the control of the company, which include the ability of the
company to implement its newly expanded business model or acquiring
businesses and real estate, actual results may differ materially
from the expectations expressed in the forward-looking
statements.
Contact: Relm Holdings Inc. info@relmholdingsinc.com
302-225-8160
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