TORRANCE, Calif. –(Business Wire)– July 12, 2004 — CyberAds, Inc. (OTCBB:CYAD), a diversified holding company that specializes in land & real estate development and new consumer products & services, announced today that it has made an agreement with a private firm who will acquire majority interest in CyberAds’ Bahamas property. The announcement was made today by CEO, Walt Tatum.
The deal structure will allow CyberAds to maintain an equity position for developmental rights. Additionally, this agreement will provide approximately two to three million dollars to CyberAds to fund new projects and complete additional acquisitions.
“As previously stated, CyberAds has been in discussion with land development partners regarding the property on Long Island, in the Bahamas. As we reviewed our options on this property, it was clear that the best solution was to bring in a development partner with experience and expertise in working through the planning and construction phases of this land,” added Walt Tatum, CEO, CyberAds.
The escrow is scheduled to close within 90 days pending due diligence and feasibility studies.
