Citizens Capital Corp. Enters Contract to Acquire Downtown Dallas Industrial Warehouse; Plans Development of Urban, Mixed Use...
17 April 2012 - 9:59PM
Marketwired
Citizens Capital Corp. (the "Company") (PINKSHEETS: CAAP) announced
today that through Stewart Title Company it has entered into a
contract with Dallas, Texas based 2930 Canton Street Inc. ("2930
CSI") for the acquisition of a Downtown Dallas industrial warehouse
(the "Warehouse"). At the close of the warehouse acquisition
transaction, the Company intends to utilize the Warehouse to
actively pursue its new jobs creation initiative in conjunction
with the planned redevelopment and construction of an urban themed,
mixed use rental community. Further, the Company is also seeking to
increase its corporate M&A deal flow as part of its ongoing
pursuit of additional, strategic acquisition candidates.
On April 10, 2012, the Company previously announced that
pursuant to third party Escrow Agency ("Escrow"), private investor
and selling shareholder, Corporate Services Trust ("CST"), intends,
subject to market and other conditions, to sale 1,200,000
non-dilutive, shares of Citizens Capital Corp.; Class A; common
stock (the "Common Stock" - CUSIP 174445106) in secondary market
transactions with investors and eligible DTC participants. The
transaction consists of 1,200,000 shares of Citizens Capital Corp.;
Class A; common stock at $5.00 per share for an aggregate
transaction amount of $6,000,000, if fully transacted. The Company
is not issuing or selling any additional shares and will not
receive any of the proceeds from the secondary market sale of the
common stock. Subsequent to the close of the Escrow transaction by
CST, the Company and CST have agreed in principal to enter into a
$5,000,000 revolving Line of credit, loan agreement (the "Loan").
Net proceeds from the loan will be used by the Company to (i)
facilitate corporate growth; (ii) create new jobs, (iii) fund the
Company's corporate and/or asset acquisition initiatives as
executed by itself and/or its subsidiary units; and (iv) for
working capital and general corporate purposes.
Billy D. Hawkins, CEO of Citizens Capital Corp., says, "Our
focus is on maximizing shareholder value and creating new jobs.
With the Warehouse transaction, we will be able to generate a
meaningful number of new jobs." Hawkins says, "We would like to
increase our acquisition deal flow and enhance shareholder value
through various strategic, roll up opportunities." Says Hawkins,
"We are particularly interested in adding those operating assets
which typically result from a corporate divestiture, reorganization
or which result from a strategic exit by a private equity portfolio
company."
The Common Stock is being sold in secondary market transactions
with investors and eligible DTC participants. The Common Stock is
subject to a previous effective registration statement dated May
16, 1999 pursuant to the Exchange Act of 1934, as amended (the
"Exchange Act").
This press release is being issued pursuant to Regulation FD
under the Exchange Act of 1934 (the "Exchange Act"), as amended.
Nothing in this press release shall constitute or be construed as
an offering by Citizens Capital Corp. This press release does not
constitute an offer to sell or a solicitation of an offer to buy
any securities, nor does it constitute an offer, solicitation or
sale in any jurisdiction in which such offer, solicitation or sale
is unlawful.
About Citizens Capital Corp.
Citizens Capital Corp. is a Dallas, Texas based emerging growth,
diversified, acquisition oriented holding company. The Company
seeks to maximize shareholder value by acquiring and/or internally
developing those operating entities, assets and/or marketing rights
which may provide the Company and its shareholders with an entrance
into new market segments or serve as a complimentary addition to
existing operations, assets, products and/or services.
This press release contains forward-looking statements regarding
the future performance of Citizens Capital Corp. (the "Company").
These statements are subject to a variety of risks and
uncertainties that could cause actual results to differ materially
from current expectations. Additional cautionary statements
regarding other "risk factors" that could have an effect on the
future performance of Citizens Capital Corp. are contained in the
Company's periodic reports on file with the Securities and Exchange
Commission ("SEC"), including its reports on Forms 10-K, 10-Q and
8-K, if any. Prior to investing any monies, please read the
Company's periodic reports on Forms 10-K, 10-Q and 8-K, if any,
filed with the SEC. Citizens Capital Corp. undertakes no obligation
to release publicly the result of any revisions to these forward
looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect occurrences of
unanticipated events.
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For Further Information Contact: Billy D. Hawkins CEO Telephone:
(469) 359-3868 Email: Email Contact