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Cambridge Capital Announces Divestment of Dolphin Bay Real Estate Property
Cambridge Capital Announces Divestment of Dolphin Bay Real Estate Property.
About this update from Cambridge Capital Holdings Inc
[{"type":"text","content":"CCHI -- Cambridge Capital Holdings, Inc.\n\nCambridge Capital Announces Divestment of Dolphin Bay Real Estate Property (Press Release)\n\nApril 8, 2008 \n\nCAMBRIDGE CAPITAL ANNOUNCES DIVESTMENT OF DOLPHIN BAY REAL ESTATE PROPERTY\n\nLAS VEGAS - April 8, 2008 - Cambridge Capital Holdings, Inc. (OTC:CCHI), reports that its Board of Directors has approved a transaction to divest itself of all ownership interest and financial obligation to real estate it has held for investment purposes. In 2004, the Company, through a 99.9% owned subsidiary of FiCorp (known as Dolphin Bay, LLC), acquired approximately 10 acres of undeveloped land in Walton County, Florida, for $5.5 million. To complete the transaction, the Company obtained a loan from a commercial bank, and delivered a promissory note to the seller for the remainder of the purchase price. In 2006, the Company repaid the seller financing, leaving only the bank financing encumbering the property. The Company had acquired the land as an investment; however, due to the soft real estate market, particularly in Florida, there has been no incentive to develop the land to date. \n\nOn April 4, 2008, the Company, through its subsidiary, executed a Quitclaim Bill of Sale for minimal consideration to a Purchaser, fully divesting the Company of all ownership interest in and financial obligation to the real estate. In so doing, the Company will realize a loss in the current year estimated between $3 and $4 million. The Company will retain, through its subsidiary, a 50% carried interest in the property, after an 18% preferred return to the Purchaser, in the event the market recovers and the property is developed at a profit to the new investor.\n\n\nAbout Cambridge Capital Holdings, Inc.\n\nCambridge Capital Holdings, Inc. owns and conducts gold mining operations through its CCHI Canadian Holdings, Inc. subsidiary. The Company purchases and sells real estate for investment and/or development through its FiCorp, Inc. subsidiary. The Company's offices are located in Las Vegas, NV.\n\nThis press release contains statements that are forward-looking, including comments on future business plans, investments, market conditions, revenue growth, expense management, and outlook. Any number of conditions may occur which would affect important factors in this analysis and materially change expectations. Th...