Remodel Auction(TM) in Joint Land Venture With Charlotte, North Carolina-Based Lockard Reed Development Group

. March 3, 2010

Remodel Auction, Inc. (Pink Sheets: REMD), announced today it has signed a letter of intent with Lockard Reed Development Group to acquire 75 undeveloped acres in Kannapolis, NC, allowing them the opportunity to expand strategically into the real estate development market in the Charlotte region. The Kannapolis location is in Cabarrus County approximately one mile from Interstate 85 off of Exit 63, 25 minutes from uptown Charlotte, a five minute drive from the NC Research Center Campus in downtown Kannapolis. According to his website, Mr. David H. Murdock, CEO, of Dole Foods invested 1.5 billion into the North Carolina Research Campus venture to foster collaboration and further advancements in the fields of biotechnology, nutrition and health. Their stated vision is to become the world’s epicenter of nutrition and disease research

The community, within the City of Kannapolis, is fully entitled and approved for 255 single family residential lots. Amenities are planned to include a clubhouse, pool, playground, entry monumentation and landscaping. The development is intended to fill a void in Kannapolis housing at a pricepoint below $200,000 providing housing for the new employment anticipated to be generated at the Research Campus.

The letter of intent provides it is not binding on the parties, that Remodel Auction must raise the necessary funds to close the transaction, and that the parties must negotiate additional terms and enter into a final, binding agreement.

Lockard Reed Development Group is a partnership that joins developers Reed Enterprises of Charlotte and Lockard Development, located in Cedar Falls, Iowa. and The residential development expertise of Reed Enterprises includes development of more than 1500 single family lots in the Charlotte region. Lockard’s national scope and team of experienced real estate professionals allows the Lockard Reed team to pursue residential and commercial projects. Under the letter of intent, Lockard Reed Development Group will remain as the project’s developer under a development agreement with Remodel Auction™.

Remodel Auction™ founded in February 2005, is a publicly traded Florida corporation headquartered in Charlotte, North Carolina that provides analysis and helps detect and manage pricing differences when planning a remodeling project. Remodel Auction puts actionable information into the hands of property owners who need it, when they need it, while planning common remodeling projects, such as weatherization, solar systems, window replacement, siding installation, and custom trim work. Remodel Auction’s proprietary technology is designed to help property owners gain competitive advantage when choosing the best cost versus value for their home improvements.

Category: Property

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