HAZ Holdings, Inc. Receives Completed Appraisal on Canadian Hotel Property in Edmonton, Alberta
November 13 2007 - 7:28AM
Marketwired
FEDERAL WAY, WA , which manages a portfolio of full-service
hotels, today announced that the company has received the completed
appraisal of its hotel property in Edmonton, Alberta, Canada from
the appraiser that was retained to determine the current value of
Edmonton hotel asset. Appraisals were also recently completed on
the company's two U.S. properties, which are located in Houston,
Texas and San Antonio, Texas.
The completed appraisals will be used as part of the effort to
establish the current asset value of the company's hotel ownership
portfolio. The asset value is an integral aspect of completing the
financial statements to bring the company current in its financial
filings and to satisfy the requirements of institutional investors
who are being targeted as future long-term investors for HAZ
Holdings.
Work to complete the company's past financial statements has
been initiated, and the independent auditing firm of Gruber &
Company, LLC has been engaged to complete the audit of HAZ
Holdings' financials, including annual reports for the last three
fiscal years. HAZ Holdings believes that by filing all past
financial statements, the company can be properly positioned in the
public markets as it executes its growth strategy. This effort may
include the pursuit of a listing in a market that would attract
institutional investors.
"We are pleased to have completed the appraisals of all three
properties in HAZ Holdings' hotel ownership portfolio," stated Dr.
Karim Bhanji, CEO of HAZ Holdings, Inc. "These appraisals are
expected to form the basis for the company's current asset value,
as reported in the anticipated upcoming financial filings. We are
satisfied with the results of the appraisals and look forward to
increasing the asset value of the company through additional future
hotel acquisitions."
HAZ Holdings recently announced an agreement with an investment
banking form for financing of up to $100 million for expansion of
HAZ Holdings hotel ownership portfolio.
HAZ Holdings' five-year business plan is to increase its hotel
ownership portfolio by acquiring hotel properties that range in
size from 100-300 rooms per property. The company's primary focus
for hotel acquisitions is in North America, but once its has met
its North American goals, HAZ Holdings plans to develop and acquire
hotel properties in Europe and Asia.
Shareholders and anyone interested in following the progress of
the company are encouraged to subscribe to the company's mailing
list located at http://investors.hazholdings.com/ealert.php,
through which HAZ Holdings disseminates newly disclosed
information, including press releases, notices of SEC filings,
investor newsletters and other material, to subscribers directly by
email.
About HAZ Holdings, Inc.
HAZ Holdings owns and manages three mid-scale, full-service
hotels in the United States and Canada, under the brand names
"Hotel Monarchy & Suites" and "Monarchy Inn & Suites"
(www.hazhotels.com). HAZ Holdings' five-year business plan is to
increase its hotel ownership portfolio by acquiring hotel
properties that range in size from 100-300 rooms per property,
while concurrently franchising additional hotels under its brand
names. The Company's portfolio also includes the following wholly
owned subsidiaries: Mortgage and Financial Institute, LLC
(www.mfibanking.com), a mortgage brokerage company specializing in
commercial and residential lending in Washington and Alaska;
Nationwide Hotel Management, LLC, a hotel management company; KB
Realty Group International LLC, a commercial and residential real
estate sales company; Evergreen Sound Construction, LLC, a
commercial and residential development company; and DoTravelDeals
(www.dotraveldeals.com), a global travel booking engine.
This press release may contain "forward-looking statements."
Although we believe that the expectations reflected in any
forward-looking statements are reasonable, HAZ Holdings cannot
guarantee future results, levels of activity, performance or
achievements. Actual results may differ materially from the
predictions discussed in these forward-looking statements. Changes
in the circumstances upon which HAZ Holdings bases its predictions
and/or forward-looking statements could materially affect its
actual results.
CONTACT: Gemini Financial Communications A. Beyer 951-677-8073
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