The stock exchange acquisition is valued at an estimated $27 million. The transaction is scheduled to close no later than Sept. 30.

Both companies are 20 years old with an established Florida mark in the multifamily, resort development and single-family industry.

The estimated revenue stream from North Florida's current inventory of projects is $900 million over the next three to five years, Larry White, Whitemark's president/CEO, says in a prepared statement.

"We mitigate our risk and secure profits primarily through pre-sales and stipulated sum contracts," White says.

To close the deal, Whitemark plans to issue a total five million restricted shares of its common stock to the three stockholders of North Florida Consulting. They will then own about 38% of the 13.2 million shares that will be outstanding after the acquisition is completed. North Florida will give all of its outstanding stock to Whitemark.

White will continue to be the largest shareholder of Whitemark with 5.3 million shares or about 40% of the post-acquisition total of outstanding shares.

Wayne Adkinson, a stockholder and president of North Florida Consulting, will continue to head the North Florida subsidiary of Whitemark as vice president of Whitemark Homes.

North Florida develops waterfront properties in the Florida Panhandle. The firm focuses on five-start resort properties, condominiums and single-family product.

Current projects are a 450-room hotel in Houston; two high-rise condominiun communities containing 440 units in the Florida Panhandle; a 608-unit condo project near the Pier Park theme park and three affordable housing projects, all in North Florida.

Whitemark has six active subdivisions in the development or build-out stage in Central Florida. The company also provides mortgage financing services for buyers.

Whitemark's common Monday was trading at $1.30 per share on the Over-the-Counter Bulletin Board, unchanged from Sept. 21. The company's market capitalization is $10.7 million.

Instant Insights /

GlobeSt.com UPDATE: Whitemark Homes Buying Resort Developer

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