BIRMINGHAM, Ala., May 25, 2010 (GLOBE NEWSWIRE) -- Four Star Holdings, Inc. (OTCBB:FSTH) reports that it has executed and closed a sale of 38 turnkey building sites to D.R. Horton (NYSE:DHI) making the sale $1,305,000. This is the first closing of a contract for approximately $4,000,000. over the next 12 – 15 months.
Fran Mize, President, and Bobby Smith, CEO, who instrumented the closing jointly, states, "This is a pivotal turning point for our continued effort for aggressive expansion. The lots developed by Four Star have given us well over 40 % profit."
This transaction with D.R. Horton (NYSE:DHI) does two things:
a) Demonstrates that Alabama is one of the top 3 home building cities in the United Stated with a total number of homes sold during the month of March showed a 49% increase over sales from February and a 14% increase over February of the previous year. And;
b) And is shoring up confidence in with their banks to deliver guidance lines for more homebuilding. Of which management's solid foundation with its lenders for over the past 15 years has enabled them to borrow over $200 million with a stellar performance in servicing this debt.
ABOUT FOUR STAR HOLDINGS, INC
Four Star Holdings, Inc. (OTCBB:FSTH), operates as the 4th largest homebuilding company in the Birmingham, Alabama area, closely competing with D.R. Horton (NYSE:DHI), Hovnanian Enterprises, Inc (NYSE:HOV) and HPH Homes, LLC as a fully integrated builder and developer. The company operates in three segments, Land Development, Structural Community Planning including Homebuilding, and Realty Brokerage Services. The corporation is headquartered in Odenville, Alabama.
The Four Star Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7467
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.