SOURCE: Empyrean Holdings, Inc.

July 07, 2006 09:30 ET

Empyrean Holdings, Inc. Completes $430,000 Initial Step of Its Corporate Development Plan

HOUSTON, TX -- (MARKET WIRE) -- July 7, 2006 -- Empyrean Holdings Inc. (OTCBB: EMPY), a national diversified holding company, is pleased to report that the Addendum to the Share Purchase Agreement of April 8, 2005 has been finalized with Hesperia Advisors Limited and implemented thereby establishing a $430,000 positive impact on Empyrean's Q2 financials.

The title for a town home appraised at $211,000 has been deeded to Empyrean Properties, Inc. (EPI), Empyrean's wholly owned subsidiary that will be active in the real estate sector. EPI will also be the vehicle to undertake development projects with real property development expert and close affiliate, United Construction Group (www.gounited.net). Announcements on those developments will be forthcoming. The Note of $219,163 outstanding in the company's books was also forgiven by Hesperia and will be written off in the 2nd Quarter financials that are currently under preparation and will be reported shortly.

CEO Robert L. Lee stated, "With the completion of the first phase of our Corporate Development Plan the company's bottom line has already improved significantly and will assist us to create a stable financial foundation for moving forward. Within our real estate operations we have targeted only development projects with a forecasted 25% rate of return and are finalizing our investment agreements with UCG. We are also aggressively advancing through our Corporate Development Plan, and expect to have a very productive year."

Note: "Safe Harbor" Statement Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.

Contact Information

  • Contact:
    Empyrean Holdings Inc. Houston, TX
    Robert L. Lee
    713 243 8731
    www.epyh.com