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NORTH HUNTINGDON, Pa., Nov. 18 /PRNewswire-FirstCall/ -- Beacon
Redevelopment Industrial Corporation (Pink Sheets: BCND) today announced that
it's wholly owned subsidiary Beacon Energy Corporation has finalized and
completed the purchase of 100% of the coal rights for two parcels of land
totaling 1020 acres in Westmoreland County, Pennsylvania. The coal forms
part of the Upper and Thick Freeport Coal Seams in Western Pennsylvania.
Beacon Energy Corporation will contract with a qualified mining company
that will utilize modern equipment and technologies, thus allowing Beacon
Energy to secure the maximum amount of coal output using longwall methods of
extraction. Beacon's consultants estimate that these rights will provide the
company access up to 2.5 million tons of coal production during the extraction
period.
"This is another source of capital for our company, but the process will
be lengthy and ultimately provide steady and significant revenues over a five
year period," said Beacon's President, Adam Marek. "Pennsylvania coal has been
sold at a rate of $40 to $150 per ton over the past year, The Company's
objective at this point is to achieve annual revenues in the area of $.0037
per share to $.005 after mining."
President Marek added that, "We're currently in negotiations for several
additional coal properties in Western Pennsylvania including Westmoreland,
Washington, and Fayette counties. Primarily, we're interested in the rights
that can be obtained at prices below market value such as those held by
estates, bankrupt companies, struggling companies, or those which have been
foreclosed on, and any other properties."
About Beacon Redevelopment Industrial Corporation:
Beacon specializes in acquiring undervalued properties that offer the
potential for above average return on investment along with multiple assets
and development ability at distressed prices, the properties must offer
recyclable/salvageable materials, energy resources or mineral rights along
with the potential for redevelopment and or desirable development potential;
the company also seeks along with the above for mentioned, properties that
have the possibility for governmental grants, tax rebates or deferments as
part of their criteria for acquisition. Please visit the company's website at
www.beaconredevelopment.com for all the latest information and updates.
This press release contains certain forward-looking statements. All
forward-looking statements in this press release are based on information
available to the company as of the date hereof, and the company undertakes no
obligation to update forward-looking statements to reflect events or
circumstances occurring after the date of this press release.
SOURCE Beacon Redevelopment Industrial Corporation
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