BIRMINGHAM, Ala., Oct. 13, 2010 (GLOBE NEWSWIRE) -- Four Star Holdings, Inc. (OTCBB:FSTH) is pleased to report that, while the Government is now claiming that the United States is moving out of a recession, there is one particular city that has not been hit as hard as the rest of the country and that is Birmingham, Alabama. The growth of manufacturing plants such as Mercedes, Honda, and Hyundai offer assurance that job creation is forthcoming which, in turn, enables the area to experience a rebound in homebuilding which also helps power recoveries in other businesses by generating even more jobs. With Alabama now being referred to as the "New Detroit," the media speculation of too many builders building too many homes for too many buyers who borrowed too much money just doesn't apply in the Birmingham market.
Four Star Holdings, Inc., through its affiliates, is one of the largest combined land developing and home building entities in Alabama. Four Star sees opportunities to create an aggressive expansion with their consolidation. Upon completion of their consolidations, Four Star Holdings, Inc., will have a net asset value of just under $100,000,000 with approximately $43,000,000 in debt. With housing starts up 25% from their April 2009 low, Four Star's CEO, Bobby Smith, Jr., states, "The days of being patient are over. It is time to move now." He also added that, "Consolidation is the next step for the home building sector." Citigroup analysts believe that bigger players could potentially gobble up some of their over leveraged rivals Four Star plans to be there.
ABOUT FOUR STAR HOLDINGS, INC.
Four Star Holdings, Inc. (OTCBB:FSTH), is the 4th largest homebuilding company in the Birmingham area. The company operates in four segments, Land Acquisition, Land Development, Structural Community Planning including Homebuilding, and Realty Brokerage Services. The corporation is headquartered in Odenville, Alabama.
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SAFE HARBOR STATEMENT
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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