ORLANDO, Fla., Sept. 26, 2006 (PRIMEZONE) -- Promotora Valle Hermoso (OTCBB:PVLH), one of the leading providers of housing solutions in Ecuador, is pleased to announce that on September 21, 2006 it entered into an agreement to acquire 20,450 square feet of land in the northern part of Quito, Ponciano county, in exchange for 228,857 restricted common shares of Promotora Valle Hermoso. The closing of the transaction is expected to occur on or about October 10, 2006.
This land acquisition is planned for the construction of Laguardia Towers. The project will encompass 8 residential towers with 48 condos in the vicinity of the newly built El Condado Mall, in a highly prestigious area of the capital. The development project is scheduled to start in the first half of the year 2007 and is expected to generate approximately 2,500,000 USD in revenues.
About Promotora Valle Hermoso:
Promotora Valle Hermoso invests financial resources in housing projects in Quito, Ecuador and its suburbs. Its goal is to build real estate, which offers comfort and space to families preferring a lifestyle in a harmonious and peaceful environment. Housing inner-areas have natural lighting, resulting in energy savings, and are equipped with modern technology installations.
Promotora Valle Hermoso targets a housing deficit of 1,200,000 houses in a country that has a yearly growth of just 60,000 housing solutions. The efficient structure of Promotora Valle Hermoso allows building fast economy housing and targets providing the middle-class population with affordable living.
More detailed information on the housing projects can be found on the Promotora Valle Hermoso corporate website: http://www.promotoravh.com/indexe.html.
The Promotora Valle Hermoso, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2777
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