Readen Holding Corp.

June 05, 2012 09:41 ET

Readen Holding Corp. (PINKSHEETS:RHCO) Signs a Letter of Intent for the Purchase of Altembrouck Estate

HILVERSUM, THE NETHERLANDS--(Marketwire - June 5, 2012) - READEN HOLDING CORP. (PINKSHEETS:RHCO) announced that Readen Real Estate, a wholly-owned subsidiary of Readen Holding Corp. signed today a letter of intent for the purchase of the castle estate Altembrouck in Gravenvoeren, Belgium.

READEN REAL ESTATE purchased 55 acres of land and the 60.000 Sq ft property Altembrouck for the amount of 8.500.000 dollars and 7 million new issued (rule 144) common shares of RHCO and another 6 million shares (rule 144) for the operational company Altembrouck BVBA which includes the goodwill, furniture, interior and live stock (Wagyu cattle, Magalitza hogs and Korohitsu lambs).

The appraisal report made in 2011 noted a value of $ 16.500.000.

There will be a mortgage arrangement signed with the Triodos bank in the Netherlands for the $ 8.500.000 dollar to close this transaction.

Readen Real Estate committed to invest a further 2 million USD to finish the development of the estate as well as the completion of the new wing of the hotel which will include an additional 20 rooms and a wellness centre. Readen Real Estate's projects Altembrouck and Beemster vastgoed (see previous press release) will contribute to the group revenue an estimate of 4.500.000 dollars in the next 12 months.

Hidden in the woods and between the hills of the Belgian border region, Château Altembrouck is an oasis of natural peace, with a historic atmosphere and style associated with an 18th century castle. Just a few minutes away from Maastricht, Aachen and Liege, the castle is ideally located. From the gatehouse a long driveway winds past ponds with black swans to the castle which dates from 1314. Altembrouck, in the seventeenth century, was a beautiful resort, where the local nobles and royal families retreated to spend their summers. Altembrouck presently, is a truly multifunctional estate.

The innovative agricultural developments surrounding the castle are an inspiring background which makes the castle a unique location. The breading and sales of Waygu cattle adds an additional source of income for the resort. (See

The castle area on the estate can be rented in its entirety on an exclusive basis for business purposes or receptions for all kinds of festive occasions, where privacy is guaranteed. Altembrouck offers an unparalleled setting for seminars, product presentations, receptions, weddings, dinners and private dining. Luminous spaces are available for small and larger groups.

A presentation in the spotlight of the large orangery, a symposium in historic rooms, a private party in our coach house, an underground reception in the vaulted cellars or an inspiring business lunch in the newly renovated Winter garden, A Wellness and leisure Area, Altembrouck makes it all possible.

If you stay overnight, you wake up in one of the 33 spacious guest rooms, there will be an additional 15 rooms available after the renovation to the Hotel.

Ronald Steenbergen president of the company quote:

"The synergy between this new field of business and our existing investments are more then you will expect in the first instance. After the acquisition is finalized, Readen Holding Corp. will announce their operational plans for the estates that will include among others a state of the art sound studio to facilitate On-Mix the companies entity responsible for the musciplatform." Ronald Steenbergen finds it too early to publish all details at this moment but it will be a perfect match for some of the company's other investments.

This press release may contain forward-looking statements, including, but not limited to, statements regarding Readen Holding Corporation and its plans, products and related market potential. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential" or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Readen Holding Corporation's postings on the OTC Markets Disclosure & News Service and future filings with the Securities and Exchange Commission, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Readen Holding Corporation undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.

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