SOURCE: New Bastion Development

New Bastion Development

July 12, 2010 10:11 ET

New Bastion Development, Inc. to Expand Business Focus

FORT LAUDERDALE, FL--(Marketwire - July 12, 2010) -  New Bastion Development, Inc. ("New Bastion"), (PINKSHEETS: NWBA), a real estate development Company exploiting real estate opportunities in Northwest Florida, announced today that the Company had decided to expand its base activities from solely real estate development in the Florida Panhandle to a more diverse business approach. Additionally, the Company has retained Sydow & Associates, LLP, a Houston-based law firm to pursue any potential legal claims, on behalf of the company, resulting from the recent Deep Horizon oil spill.

Mr. Elliot Bellen, CEO of New Bastion Development, Inc., stated, "This oil spill has placed all of our development plans on hold, indefinitely." Mr. Bellen continued by saying, "We were prepared for the weak real estate market that we experienced the past several years, however our business model always anticipated the increased demand that would come with the added accessibility that the new airport would provide. Unfortunately, the complete impact of the oil spill will not be known for some time. To that end, New Bastion is expanding its business focus towards other business opportunities to immediately enhance shareholder value."

About New Bastion Development, Inc.
New Bastion (www.newbastiondevelopment.com) is a development stage company that was formed to exploit local real estate opportunities in the Panama City Beach and Marianna, Florida area. The Company intends to capitalize the opening of the new international airport being built on 4,000 acres of land donated by the St. Joe Company. The new airport opened on May 23, 2010. It is anticipated that the new airport will create a significant number of jobs and economic opportunity in the region.

New Bastion currently maintains an inventory of real estate in the region that consists of raw acreage, commercial property, and platted lots in existing communities. It intends to acquire additional properties in the region with the intent to market and develop such properties as demand increases as a result of the growth in the region.

About Sydow & Associates, LLP.
Sydow & Associates is a Houston based law firm with expertise in all aspects of the energy industry internationally.

Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Elliot Bellen
    (866) 541-0625