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CAREFREE, AZ-A diversified company based in Arizona has spent $800,000 for undeveloped land in Colorado and Wyoming, where the plan is to develop office and ranch properties.

Guardian Technologies International Inc., through wholly owned subsidiary, Palo Verde Group Inc., acquired 100 acres of undeveloped ranch land in Dubois, WY. Palo Verde will subdivide the land into two 50-acre equestrian ranches. It is located near Palo Verde’s other Wyoming property, a commercial building in Thermopolis. The newly renovated building is leased to a local restaurant group for the next five years.

Palo Verde also has just closed on a five-acre parcel in a commercial corridor of a high-growth area in the northeastern part of Colorado Springs, CO. Palo Verde intends to develop office and commercial properties. Palo Verde, acquired by Guardian in September 2000, actively acquires and develops commercial real estate properties.

Guardian, through its wholly-owned subsidiary Guardian Security & Safety Products Inc., serves the law enforcement, security and military communities and the global security industry. GSSP’s majority-owned subsidiary, ForceOne LLC, manufactures a variety of high-end ballistic protective equipment including patented personal protection devices commonly referred to as body armor. Another subsidiary, Guardian Steel, is engaged in structural steel fabrication and provides among its products, structural steel used primarily in military base refurbishments and other projects under federal contract. Guardian is based in Carefree, a suburb that about 30 miles northeast of downtown Phoenix.

Guardian is merging with Vairex of Boulder, CO, a leader in the development of advanced gas management systems for both stationary and automotive fuel cells. As part of the merger agreement, Guardian will declare a spin-off dividend of its existing businesses to shareholders of record one day prior to the merger date. Palo Verde is expected to be part of the spin-off dividend.

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