FORT LAUDERDALE, Fla. , May 18 /PRNewswire-FirstCall/ -- New Bastion Development, Inc. ("New Bastion") (OTC Pink Sheets: NWBA); a real estate company that was formed for the purpose of exploiting local real estate opportunities in the Panama City Beach / Marianna, Florida area, announced today that it had entered into an agreement with a local timber company to purchase a 757 acre tract of land just east of Hwy. 231 in Jackson County, Florida . The transaction is subject to a short due diligence period and is scheduled to close in 60 days.
"We believe that Jackson County, Florida offers our company a tremendous opportunity," stated Elliot Bellen , CEO of New Bastion. "Its magnificent beauty and proximity to the beautiful, white, sandy, Gulf coast beaches of Northwest Florida coupled with the imminent opening of the new Panama City international airport in May 2010 should create tremendous demand in the region for decades to come. New Bastion intends to be a major participant in this growth, and we feel that this property will provide us with excellent development opportunities."
About New Bastion Development, Inc.
New Bastion (www.newbastiondevelopment.com) is a development stage company that is exploiting local real estate opportunities in the Panama City Beach / Marianna, Florida area where a new international airport is being built on 4,000 acres of land donated by the St. Joe Company. Construction of the new airport is currently three months ahead of schedule (www.newpcairport.com) and is expected to be operational by May 2010 . It is anticipated that the new airport will create a significant number of jobs and economic opportunity in the region. New Bastion currently maintains an inventory of real estate in the region that consists of raw acreage, commercial property, and platted lots in existing communities. It intends to acquire additional properties in the region with the intent to market and develop such properties as demand increases as a result of the growth in the region.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to any number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. Potential investors should independently investigate and fully understand all risks before making investment decisions.
SOURCE New Bastion Development, Inc.