DEERFIELD BEACH, Fla. and NAPOLEONVILLE, La., Nov. 5, 2007 (PRIME NEWSWIRE) -- Red Reef Laboratories International, Inc. (Pink Sheets:RRLB), a diversified scientific research, development, and marketing group focused on commercializing a variety of chemical and biological products, announced today that a final settlement of all acquired debt relating to Red Reef's acquisition of property in Napoleonville, LA is complete.
In an announcement made October 1, 2007, Red Reef disclosed they had authorized the law firm of Jackson and Jackson LLC, Baton Rouge, LA, to negotiate the final settlement of acquired debt relating to the property in Napoleonville, LA. Red Reef is pleased to announce that all liens have now been discharged at a substantial savings to Red Reef, of approximately $200,000.
The property, originally appraised at close to $1,000,000 dollars, has proven to be a wise investment for Red Reef shareholders. Prior to removing the lots from the market in favor of a plan to develop the site, Red Reef sold several perimeter lots at $10,000 per lot, which would presumably value the property at more than twice the appraised figure.
Current plans to develop the 84 acre tract to its best and highest use, call for a 300,000 to 400,000 sq. ft. Medical Research Center, in campus-like surroundings, to include a hotel, housing, cultural exhibits and a water bottling facility. The Baltimore-based Architect and Design firm of Whitney, Bailey, Cox and Magnani has been retained to execute the plan.
"Jackson and Jackson did a superb job of negotiating with the creditors. The settlement goes hand in hand with Red Reef's 'Strategy for Success' and brings us one step closer to our planned development. We succeeded in replacing several long standing liens and judgments with one mortgage, willing to subordinate to future construction, and saved money in the process. We expect our credit standing will improve as well," a spokesman for Red Reef was quoted.
About Red Reef Laboratories International, Inc.:
Red Reef Laboratories International, Inc. is a diversified scientific research, development, and marketing group established to assemble, develop, commercialize and bring to market a variety of chemical and biological products, utilizing advanced surfactant technology and increasingly "green" compounds. These series of products are specifically designed for biocidal and virucidal applications. For more information, please visit the Company's web site at www.redreef.biz
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
With the exception of historical information, the statements set forth above include forward-looking statements that involve risk and uncertainties. The Company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include, but are not limited to, the risk factors noted in the Company's filings with the United States Securities and Exchange Commission, such as the rapidly changing nature of technology, evolving industry standards and frequent introductions of new products, services and enhancements by competitors; the competitive nature of the markets for the Company's products and services; the Company's ability to gain market acceptance for its products and services; the Company's ability to fund its operational growth; the Company's ability to attract and retain skilled personnel; the Company's ability to diversify its revenue streams and customer concentrations; and the Company's reliance on third-party suppliers.