Published:
AARD Signs Letter of Intent for an Additional $10 Million
Completion Brings Up to $30 Million in Project Financing
Across America Real Estate Corp. (OTC BB: AARD)
("Across America"), a 100% finance partner to retail developers and
franchisees, announced it has signed two non-binding letters of intent each
for $10 Million in funding, which, if both completed, would make up to $30
million in capital available for Across America to deploy to provide 100%
financing to its single pad triple net developers and national retailers.
"Across America Real Estate is excited to enter into these two non-binding
agreements for an additional $10 million dollars of funding to expand
current business operations with the goal of increasing revenues and net
profits," said Alex Lagerborg, President and CEO of Across America Real
Estate. "This additional capital would be divided in each case into $7
Million Dollars of senior subordinated notes and $3 Million Dollars in
convertible preferred stock. The rate of the senior subordinated notes
will float over the ten year Treasury Note and the convertible preferred
stock will have a conversion price at $3.00 per share, without a provision
to reset the price at a lower value per share in the future." Lagerborg
continued, "This funding allows us to apply the model we have built and
multiply it several times over and would help to support over $25 Million
in current construction financing to build small box developments."
This funding, if completed, would provide Across America with Ten Million
Dollars of senior subordinated debt from GDBA Investments LLP, which at the
present is all subordinated debt and will be recast as Seven Million
Dollars in senior subordinate debt, and Three Million Dollars as
convertible preferred stock whose terms will mirror the terms and
conditions of the new capital and an additional Ten Million Dollars, from
an undisclosed source for Seven Million Dollars in senior subordinate debt,
with Three Million Dollars as convertible preferred stock. The current Ten
Million Dollars of senior debt from Vectra Bank of Colorado would remain in
place.
Across America has served national retailers such as Lone Star Steakhouse
and Saloon, International House of Pancakes, Checker Auto Parts, Family
Dollar Store, Advance Auto Parts, Grease Monkey International, and other
single pad, triple net, small box retailers.
About Across America Real Estate Corp.
Based in Denver, Colorado, Across America Real Estate Corp. (OTC BB: AARD)
partners with national retailers and their developers to provide 100%
financing for rapid retail expansion. The Company operates in the niche
that is small pad retail market in the commercial real estate industry.
Across America provides guidance and creates financing solutions for
increasing retail productivity and profit. Please visit us at our website
www.aard.us
The statements included in this press release concerning predictions of
economic performance and management's plans and objectives constitute
forward-looking statements made pursuant to the safe harbor provisions of
Section 21E of the Securities Exchange Act of 1934, as amended, and Section
27A of the Securities Act of 1933, as amended. These statements involve
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors which could cause
or contribute to such differences include, but are not limited to, factors
detailed in AARD's Securities and Exchange Commission filings; completion
of due diligence and certain other pre-closing conditions for all
incomplete transactions; economic downturns affecting the operations
of AARD, its subsidiaries or proposed transactions; the inability to
initiate or complete any transaction; adverse financial performance by AARD
or any of its subsidiaries; adverse equity market conditions and declines
in the value of AARD common stock; and the unavailability of financing to
complete management's plans and objectives. The forward-looking statements
contained in this press release speak only as of the date hereof and AARD
disclaims any intent or obligation to update these forward-looking
statements.
Distributed by Market Wire
Copyright © 2008, MarketWire
Copyright © 2008, NewsBlaze,
Daily News
Tags: ,FinancialServices:Commercial and InvestmentBanking FinancialServices:InvestmentOpinion;FinancialServices:InvestmentServicesandTrading;FinancialServices:VentureCapital;RealEstateandConstruction:CommercialRealEstate;RealEstateandConstruction:ResidentialRealEstate;,CO,DENVER, CO
_ _Is your favorite bookmark site missing?
Ask for it.