SOURCE: Beacon Redevelopment Industrial Corp.

May 23, 2012 09:06 ET

Beacon Redevelopment Industrial Corporation Advises Shareholders of Change in Control and Funding of Glass Factory Project

NEW YORK, NY--(Marketwire - May 23, 2012) - Beacon Redevelopment Industrial Corporation (PINKSHEETS: BCND) today advised shareholders that the entire class of preferred stock was transferred to Diversified Asset Acquisition Group, Inc.

The restricted preferred shares, although non-convertible to common stock, control 51% of the voting rights of the Company while the common shares control 49% of the voting rights.

DAAG acquired the controlling interest in Beacon Redevelopment from the prior control entity in a private transaction. DAAG will remain a private company owned and controlled by Frank Castellano, Beacon's President.

DAAG chose to purchase the controlling interest in Beacon Redevelopment based on the clear synergy between the two companies' business models of acquiring distressed assets that are clearly undervalued.

Now that DAAG acquired control of the Company, it will fund the deconstruction of the Westmoreland Glass Factory project without the need to utilize the Company's line of credit absent unforeseen events. The funding will allow the Company to move forward with the project more quickly than if it had to rely on outside investors.

Beacon is a publicly traded company with 322,000,000 authorized shares.

This press release does not constitute an offer of securities for sale and contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause actual results to differ. All statements in this press release are based on information available to the Company as of today, and the Company undertakes no obligation to update the statements in the future.

Contact Information

  • CONTACT:

    Public Relations
    Beacon Redevelopment Industrial Corporation
    541 Port Richmond Avenue
    Staten Island, NY 10302
    (800) 239-5012
    Email Contact