LAS VEGAS, Oct. 24, 2011 /PRNewswire/ — 1st Global Financial Corporation FGBF is pleased to announce that it has entered into an agreement to sell its Desert Hot Springs (DHS) property for $1,500,000 plus existing property taxes. The Company acquired the property in July of this year for the purchase price of $1,000,000 plus property taxes.
The property is being sold to a company that will develop the site for a renewable energy project. The benefit of this property is that you can deploy either solar panels and/or wind turbines to generate electricity. The site is fairly level, has easy street access, and is close to major electrical power lines which make the property ideal for connecting to the electrical power grid.
John Bannister, President of FGBF, stated, “We are pleased that our first acquisition is being sold within less than 6 months from date of acquisition for a $500,000 profit to the Company. We are anticipating that future acquisitions will be profitable for the Company. As stated in our most recent press release, the Company announced it has proof of funds of One Billion Euro to Purchase Assets and will soon be making announcements regarding new acquisitions.”
“This is a very exciting event for the Company. We are executing our business plan and on this DHS investment, we have actually turned a 150% profit on capital, based on an annualized rate of return,” concluded Mr. Banister.
About 1st Global Financial Corporation
1st Global Financial Corporation (OTC; FGBF) is creating strategic partnerships with individual and institutional owners of property portfolios in Ireland, the United Kingdom, Europe, USA and the Caribbean to finance the acquisition of those portfolios. 1st Global Financial Corporation has selected a range of properties including hotels, commercial retail and office, and leisure developments to provide a comprehensive income generation to facilitate growth in the Corporation. 1st Global intends to present to the investment community at all levels an opportunity to participate in solid property asset acquisition with steady income projection. The Corporation plans to issue a series of asset backed bonds in this financial year and has begun the confidential negotiations with book-runners and institutional investment managers in Europe, China, and the Middle East to facilitate that intention. For additional information about 1st Global Financial Corporation please visit our website, www.1stglobalfinancialcorp.com
Safe Harbor Statement
This update includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as 1st Global Financial Corporation or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
Please send inquires to 1st Global Financial Corporation via email at info@fgbf-corp.com
or via phone: 702-448-1861
SOURCE 1st Global Financial Corporation
Source: PR Newswire (October 24, 2011 – 4:01 PM EDT)
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