DEERFIELD BEACH, Fla. and NAPOLEONVILLE, La., Feb. 23, 2007 (PRIME NEWSWIRE) -- Red Reef Laboratories International, Inc. (Pink Sheets:RRLB) has successfully completed the disposition of a segment of improved property containing lots that were a part of the strategic acquisition of assets from L1011 and Altfuels of Louisiana. This is the first step in the company's ongoing strategy of extracting value from this particular acquisition by recycling the proceeds of excess property and feeding into operations, resulting in organically building shareholder value.
These lots represent a portion of property not required in Red Reef's overall plans for development of the site, and the proceeds will reduce the short term obligations of the firm and assist in the repositioning of existing debt that was included in the acquisition.
Included in the original acquisition are 4 warehouses totaling 55,000 sq. ft., slated to be the future headquarters for RR Remediation operations and approximately 80 acres of land that are in the process of being evaluated for future development as a part of our recent Joint Venture with JDM Capital Corporation. Our Joint Venture, JDM Reef Capital Management, LLC is currently evaluating that longer term plan for development and will announce the progress as it becomes formed.
Red Reef Labs acquired this property primarily as headquarters for a full service remediation and EMERGENCY RESPONSE division. This location is a strong-hold for existing hurricane damage that presents the opportunity for Red Reef products to be assistive at enhancing existing protocols and issues in this hard hit area of our country. "It is foolhardy and risky to send first responders into a zone laden with bacteria, viruses and spores without first decontaminating the area to make it less hazardous. Current protocols and methods have resulted in broad spread of Katrina Cough, as yet incurable. We may be able to curtail the risk," commented Dr. Claus Wagner-Bartak, President of Red Reef.
Forward-Looking Statements
Certain statements in this news release may contain 'forward-looking' information within the meaning of the Federal securities laws. All statements, other than statements of fact, included in this release may include forward-looking statements that may involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.
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