JUNO BEACH, Fla., Aug. 25, 2005 (PRIMEZONE) -- Universal Property Development and Acquisition Corporation (OTCBB:UPDA) has successfully negotiated the terms of an agreement to form a joint venture entity to develop an entire community adjacent to Interstate 80 near Reno, Nevada. The terms of the agreement will provide for the acquisition of nearly 600 acres in consideration of an investment of $500,000.00 for engineering, permits and site preparation. "Consistent with our business model, our joint venture partner will provide the land and we will finance the construction," said UPDA spokesman, Chris McCauley, in describing the transaction. "Future phases could involve as many as 12,000 adjacent acres which are already owned by our partner."
In phase one of the project, UPDA will provide as much as $5,000,000 for the construction of a condo hotel and travel center on a parcel located directly on an exit ramp from I-80. A water well site has been located and a water treatment plant will be built in conjunction with this construction in which future phases will involve residential projects as well as additional commercial development. "The proximity of I-80, the availability of water and the phenomenal growth of the Reno, Lake Tahoe, Carson City area make this the prototype UPDA project. The land cost is negligible and the location is incredible," continued McCauley.
In its continuing effort to build shareholder value, Universal has added this project to its previously announced portfolio including its Canyon Creek Oil & Gas project in Texas, which includes over 2200 acres of oil and gas leases and more than 60 wells in two phases. Production of the existing wells is expected to re-commence in the near future. Universal has also announced its joint venture involving an 83 unit apartment project in Cleveland, Ohio.
Universal Property Development and Acquisition Corporation focuses on the acquisition and development of underperforming commercial and residential real estate as well as proven oil and gas reserves and other energy opportunities through the creation of joints ventures. UPDA provides seed money to undercapitalized joint venture partners in order to allow for conventional financing and other financial opportunities.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected, or described pursuant to similar expressions.