SOURCE: SkyMark Holdings, Inc.

June 11, 2008 07:30 ET

SkyMark Holdings Announces the Acquisition of High Point Golf Club and High Point Development Lands

HACKENSACK, NJ--(Marketwire - June 11, 2008) - SkyMark Holdings, Inc. (PINKSHEETS: SYHI) today announced that it had acquired the High Point Golf Club and High Point Development project indicated as an optioned project on the Company's website, www.skymarkholdings.com.

Management has been involved with the Golf Club and restaurant operations for the past three years and has now exercised its originally contemplated option to acquire the Golf Club and surrounding development lands. This well established destination is located in Sussex County, New Jersey at the tri-state intersection of New York, New Jersey and Pennsylvania. The golf community totals approximately 776 acres including a 100 acre lake, 200 acres of golf course and 200+/- acres of undeveloped land. It was designed and zoned to accommodate 3,104 housing units upon completion, of which approximately 630 units have been constructed. The company's current development plan for this property, once fully approved, is to construct approximately 850 homes on a phased basis. Also included in the plan is an additional 10 acres of commercially zoned property outside of the existing community. The commercial property was purchased for the development of support retail services and office. The new community within the community is being developed with special attention to detail and individual identities for each development area, an upscale club house, private pools and recreational areas, as well as all other amenities offered by the existing association.

Information and photos of the Golf Club can be found at: http://www.highpointgc.com/.

SkyMark Holdings, Inc. is a real estate owner, developer and builder headquartered in Hackensack, New Jersey with a focus on the development of residential real estate in the Northern New Jersey and New Jersey/New York metropolitan area. The Company also produces and rents a limited amount of commercial property as an adjunct to its residential property focus.

"Safe-Harbor" Statement: Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.

Contact Information

  • Contact:
    Robert L'Abbate
    President & CEO
    Skymark Holdings, Inc.
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