MIAMI, Feb. 22, 2006 (PRIMEZONE) -- Management of SiteWorks, (OTCBB:SWKJ) a construction and real estate development company, announced today that the company has made significant progress in getting projects for which it has commitments in place in Thailand under way.
During a recent trip to Bangkok, Michael Nurse engaged Baker McKenzie Thailand as SiteWorks' attorney in Bangkok. A Thai subsidiary, SiteWorks Building and Development Thailand was formed to perform the actual construction of the projects. The company signed a new lease on office space in the State Tower, Bangkok and is now looking for storage and yard space outside Bangkok.
All projects previously signed by SiteWorks Florida will be resigned by the local subsidiary SiteWorks Thailand to be in compliance with Thai law. SiteWorks Building and Development Thailand will now also be able to acquire property in Thailand.
Prestige Asia's role previously as a public relations company will be replaced by SiteWorks Building and Development Thailand. Management expects the relationship with Prestige will be ongoing on some level since Prestige is owned by Knightsbridge, and Knightsbridge has indicated its commitments to fund certain projects will transfer over to SiteWorks Thailand.
The Mission Hills project previously slated to start in the first quarter was delayed because the owner of the project had to resolve an issue of access to the property. That issue was recently resolved and preliminary work, previously interrupted will now proceed.
This press release contains "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements that are included in this press release other than statements of historical fact are "forward-looking" statements. Although SiteWorks believes that the expectations reflecting in these forward-looking statements are reasonable, it can give no assurance that such expectations will materialize. Important factors could cause actual results to differ materially from the expectations as disclosed herein, including without limitation, in conjunction with these forward-looking statements contained in this press release.