MIAMI, July 30, 2004 (PRIMEZONE) -- Azur International, Inc. (Pink Sheets:AZRI), an international hotel, resort and luxury residential development company, announced today the acquisition through its wholly owned subsidiary Azur Europe, GmbH, of a 50% interest in five premier properties in the Waren region of eastern Germany. Net of debt which is secured by the properties, the net fair market value to Azur of its interest in the properties is $18,500,000. Azur acquired its interest in the properties in exchange for $18,500,000 of its common stock.
The portfolio of properties include upscale resort hotels, retail and office complexes, an apartment building, plus waterfront property for the development of a boutique resort hotel & casino. In conjunction with this acquisition, Azur International has opened its European headquarters based in Berlin, Germany, for Azur Europe, GmbH and Azur Hotels & Resorts, GmbH.
This acquisition represents Azur's first foray into the "Boutique-type" hotel business and signifies the beginning of a concerted effort to establish a strong and significant presence in that industry, at home and internationally.
"Expanding into the international arena is a milestone, and an exciting move for Azur, and one for which we've long planned," stated Don Goree, Chairman/CEO of Azur. "With these overseas holdings, we're increasing revenues and value, while broadening the range of opportunities for Azur and its shareholders," Goree continued.
The boutique-type hotel market, as witnessed by new construction, build-outs and consistently high occupancy rates over the past few years, appears to continue to show substantial growth potential. More and more people, both in business and leisure travel seem to be looking for a unique experience beyond the cookie-cutter environments provided by standard hoteliers.
Azur International's aggressive stance in this market is consistent with a continued effort to enhance its portfolio in segments that indicate high growth and substantial opportunity, now both in the U.S and worldwide.
About Waren, Germany
Waren is in the Mecklenburg Lake District of Germany and is accessible via waterway from Berlin to Hamburg and the Baltic Sea. It's a very picturesque holiday section of Germany, surrounded by many lakes, charming walks, historic 13th century churches and the largest forest and National Park in Germany.
About Azur International, Inc.
Azur International, Inc., based in Miami, Florida, is a publicly traded company that currently develops and markets luxury residential and resort properties. Additionally, it has several real estate projects under consideration, including the purchase and development of luxury hotels and resorts, domestically and internationally, and land purchases in strategic areas that can provide inventory for future development or sale. For additional information about Azur International, Inc., go to www.Azur-Int.com.
Safe Harbor
The Private Securities Litigation Reform Act of 1995 may provide a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of Azur International, Inc. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, and domestic and global economic conditions.