SOURCE: UNR Holdings, Inc.

March 29, 2011 07:01 ET

UNR Holdings Breaks Ground on Phases III and IV of Nemchinovka Development

Company Secures $10.6 Million Credit Line From Top Russian Bank

ORLANDO, FL--(Marketwire - March 29, 2011) - UNR Holdings, Inc. (OTCBB: UNRH) ("UNR" or the "Company"), a housing and commercial construction and development company, announced today that it has broken ground on Phases III and IV of its flagship Nemchinovka development. The Company expects to complete construction on all eight phases of the Nemchinovka development by early 2013 and anticipates total sales from the project of $500 million to $700 million based on current real estate prices.

The Nemchinovka development is a luxury residential and commercial complex located in the suburbs of Moscow, less than one mile from the Moscow Beltway. The total gross area of the completed development will be 2.1 million square feet, with a total living area of 1.3 million square feet. To satisfy the cash requirements for successfully completing Phases III and IV by midsummer 2011, the Company's subsidiary, 494 UNR, has secured a 300 million ruble ($10.6 million) credit line from RosDorBank, one of the first commercial banks in Russia.

Mr. Alexey Kim, Chief Executive Officer of UNR, stated, "We are very pleased to have been granted this new credit line from RosDorBank, as it satisfies all of our cash requirements to successfully complete the next two phases of the Nemchinovka development. We are confident that with this new cash infusion, we will be able to complete Phases III and IV on schedule by mid-summer this year."

About UNR Holdings, Inc.

UNR Holdings is a holding company that has a 68% ownership in its subsidiary, 494 UNR. 494 UNR is a diverse construction company with more than 40 years of success serving the Russian construction market. The Company specializes in housing and commercial construction developments. UNR also supplies and oversees the installation of its proprietary road and slopes stabilization material Prudon to infrastructure projects in various parts of Russia. While UNR is involved in complex construction projects, the Company also assists the Russian government with infrastructure projects for oil and gas corporations, such as GAZPROM and TRANSNEFT. 494 UNR is one of the oldest and most established construction companies located and operating in Moscow and the Moscow area of the Russian Federation.

More detailed information on the housing projects is available at the UNR Holdings corporate website:

Forward-looking statements
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