BIRMINGHAM, Ala., Sept. 16, 2010 (GLOBE NEWSWIRE) -- Four Star Holdings, Inc. (OTCBB:FSTH) operates as the 4th largest homebuilding company in the Birmingham, Alabama, area; closely competing with D.R. Horton (DHI) and Lennar (LEN) as a fully integrated builder and developer. The company operates in four segments, Land Acquisition, Land Development, Structural Community Planning & Homebuilding, and Realty Brokerage Services. The corporation is headquartered 30 minutes from Birmingham, in Odenville, Alabama.
Officers/Directors Bobby Smith Jr. and Fran Mize have folded in three of their eight businesses into Four Star Holdings, Inc. The acquisitions that are complete are, Ridgefield Development Corp., Twelve Oaks Properties, Inc., and Four Star Realty, LLC., with total appraised assets of $19,500,000 and a net asset value of $6,000,000 (appraised at Fair Market Value). Smith and Mize have stated their intention to acquire their other private companies as audits are completed. Once complete, it is projected that Four Star Holdings, Inc. assets will exceed $78 million with a $43 million net asset value.
The Company has over 5,300 residential building sites in various stages of completion that are available to build on themselves or sell to other builders. Their residential neighborhoods include amenities that are normally found only in more expensive "gated" communities which makes their neighborhoods a more desirable. The anticipated completion of their current residential neighborhoods will be in the next 8-9 years, with forecasts of $90,000,000 in gross sales yearly over the next nine years. The Birmingham metropolitan region ranks as one of the leading business centers in the Southeastern United States and is also one of the largest banking centers in the U.S. In a recent article, Money Magazine claims that despite a poor real estate market and the housing crisis certain markets are expected to show price gains in the following months and years. Birmingham is one of the cities and towns which have been virtually uninjured by the real estate crisis, seemingly insulated to the problems that have plagued the rest of the nation.
Smith and Mize have built to date over 1,100 single family homes, over 30 commercial properties, numerous multifamily projects and one town home complex with a number of projects currently in various stages of construction. Over the past 18 months during the housing crisis, the Company has shown stability in the company's operation. They have seen a large percentage of their Home Building Competitors cease doing over the past several years. This fact, coupled with Four Star's ability to develop their own building lots as opposed to purchasing them from another developer, gives them a significant competitive advantage and bodes well for their future as the housing market begins its turnaround.
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Safe Harbor Disclosure -- This Press Release contains or incorporates by reference "Forward-looking statements," including certain information with respect to plans and strategies of Four Star Holdings, Inc. For this purpose, any statements regarding this announcement, which are not purely historical, are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including Four Star Holdings, Inc. beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and based on information available to Four Star Holdings, Inc. as of such date. There are a number of important factors that could cause actual events or actual results of Four Star Holdings, Inc. and its subsidiaries to differ materially from those indicated by such forward-looking statement.
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