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In addition, the company previously announced the appointment of Rick Blackburn as President of Beacon Redevelopment Industrial Corp. and its subsidiaries. Mr. Blackburn is also a Manager of Renaissance Renovations & Development LLC. This resulted in inquiries from shareholders about the previously entered contract amid speculation that RRD intended to reduce costs associated with the contract by placing their agent in a managerial capacity at Beacon Redevelopment.
Mr. Blackburn, as President of Beacon Redevelopment and its subsidiaries, maintains a fiduciary duty to the investors of the company and must take actions to further their interests and increase shareholder value. As such, the company will not alter the agreement announced on September 25, 2008, between the company and RRD. Under the contract, Beacon Redevelopment's wholly owned subsidiary will receive payment of an additional $5,350,000.00 in exchange for the rights to salvage the Westmoreland Glass Factory in Grapeville, Pennsylvania. This necessarily means that Beacon Redevelopment will not provide any discounts to RRD and will not renegotiate the monetary terms to make it more favorable for the contractor without regard to any market changes for industrial building supplies.
Both companies are actively pursuing the demolition in accordance with the understanding. In fact, Mr. Blackburn will be in Western Pennsylvania for nine (9) days beginning on July 11, 2009, furthering the pre-demolition stages. He hopes to update interested parties on the progress thereafter.
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. All forward-looking statements in this press release are based on information available to the company as of the date hereof.
SOURCE: Public Relations
Beacon Redevelopment Industrial Corporation
302-724-6919
info@beaconredevelopment.com
URL: http://www.beaconredevelopment.com
SOURCE Beacon Redevelopment Industrial Corporation
http://www.beaconredevelopment.com
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