NEW YORK, NY — (Marketwire) — 05/01/12 — Beacon Redevelopment Industrial Corporation (PINKSHEETS: BCND) today is advising the public and its shareholders of the current administrative progress previously announced.
BCND submitted Company required information to the Depository Trust & Clearing Corporation () so that they may update their files.
The Company also submitted all required information to OTC Markets, Inc. for the purpose of publishing current financial statements and disclosures per their requirements.
Finally, management retained an accountant who will diligently oversee all requirements regarding current financial statements and other filings.
BCND is reviewing the quickest way to demolish and rehabilitate its Westmoreland Glass Factory property in Grapeville, Pennsylvania. The factory remains under the ownership of BCND–s subsidiary, Beacon Pennsylvania Holdings. The Company–s first order of business after completion of all outstanding administrative issues is to move forward with deconstructing the factory and the salvage of all valuable recyclable materials.
While prior management had a plan in place, they were unable to accomplish their goals because of distractions that impeded the program. “I will be personally mobilizing a team for this job so that we can enhance shareholder value, generate Corporate profits, and achieve real results,” said Frank Castellano, President of Beacon Redevelopment.
About Beacon Redevelopment Industrial Corporation:
Beacon controls projects in Pennsylvania and West Virginia that not only includes real estate but also recyclable material, natural gas rights, logging rights, shale mining rights, nearly 1,000 acres of coal rights, and redevelopment rights that include use of property for a prospective resort and wilderness lodge. The company may consider cording off a section of their West Virginia property for a hunting lodge.
Beacon is a publicly traded company with 322,000,000 authorized shares broken down as follows: 5,000,000 preferred shares, 198,583,000 common shares consisting of 175,914,911 free trading shares and 22,668,089 restricted shares.
This press release does not constitute an offer of securities for sale and contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause actual results to differ. All statements in this press release are based on information available to the Company as of today, and the Company undertakes no obligation to update the statements in the future.
CONTACT:
Public Relations
Beacon Redevelopment Industrial Corporation
(516) 331-0088