NEW ORLEANS, July 9 /PRNewswire-FirstCall/ -- Pacific Land and
Coffee Corporation (OTC Bulletin Board: PLFF) announced today that
it has acquired 129 University Place LLC, which owns the Orpheum
Theatre located in the New Orleans
business district. The purchase price was 42,260 shares of Series B
Preferred Stock. The Series B Preferred stock is convertible into
84,520,000 shares of common stock. In connection with the
acquisition, Mr. John L. Hales, and
Al Coscina resigned as directors and
officers. Andrew Reid was elected as
a director, Rod Solow was elected as
President and Michael Mulshine was
elected as Secretary.
The Orpheum Theater is listed in the National Register of
Historic Places. Flood damaged in Hurricane Katrina, this historic
venue will be refurbished by the Company's subsidiary, 129
University Place LLC with the partial assistance of tax credits
furnished by the state of Louisiana. 129 University Place has
recently purchased the Orpheum Theatre for $8.1 million, which included an existing mortgage
lien of approximately $2.6 million,
including accrued interest. Pacific Land and Coffee intends to
change its name to "Orpheum Property, Inc." and to carry out a
1-for-20 reverse stock split in order to make the Company's common
stock more appropriate for institutional investors.
Subsequent to this acquisition the new Board of Directors met to
review all business and a decision was taken to dispose of the
existing coffee related businesses and focus on building a property
portfolio. These existing coffee businesses which had a
negative net worth and trading losses in the last year were sold
for a cash consideration of $110,000
on 30th June.
In order to have these transactions audited and disclosed as
subsequent events in the 10K for the period ending 31st March 2010, the company has applied for a
two week extension to the filing that was due on 30th June 2010. Subject to a review by the
company's auditors the Board of Directors consider that the balance
sheet will be considerably strengthened as a result of these
transactions and the relevant figures will be disclosed in the
proforma balance sheet which will be included in the 10K.
Note: Except for the historical information contained herein,
this new release contains forward-looking statements that involve
substantial risks and uncertainties. Among the factors that could
cause actual results or timelines to differ materially are risks
associated with research and clinical development, regulatory
approvals, supply capabilities and reliance on third- party
manufacturers, product commercialization, competition, litigation,
and the other risk factors listed from time to time in reports
filed by Pacific Land and Coffee Corporation with the Securities
and Exchange Commission. The forward-looking statements contained
in this news release represent judgments of the management of
Pacific Land and Coffee Corporation as of the date of this
release.
SOURCE Pacific Land and Coffee Corporation
