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TAMPA, FL-Gulf West Property Inc., which calls itself a locally based holding company trading on the Over-the-Counter Pink Sheets in the 20-cents-per-share range, says it has signed a binding letter of intent to acquire 730 acres of “prime developmental” land in Brandon, 15 miles east of Tampa.

The company’s news release says the property has “an appraised undeveloped raw land value” of $32 million or about $43,836 per acre ($1 per sf). The release, authorized by Gulf West Property CEO Robert Schneiderman, didn’t disclose the seller’s name, what the property would be used for or when the deal will close. Schneiderman didn’t respond to a phone call for additional information on the transaction and background on his company.

Schneiderman says in the release the land is “currently generating approximate revenues of $1.5 million annually from the sale of fill soil.” He says the revenue stream “will continue throughout the developing of the property, which is estimated to be complete in five years.”

Schneiderman says when the deal closes, Gulf West Property “will have 30 million shares outstanding, which will give the company a book value of $1.80 per share.”

Earlier this year, the company had also announced in a news release that it had agreed to buy assets of a 500-acre development on Long Island near Thompson Bay in the Bahamas. That land was supposed to have an appraised value of $22 million, according to Schneiderman. A closing date and seller’s name were also omitted from the release at that time.

The release identifies Gulf West Property Development Inc. as a Florida-based holding company “engaged in locating and acquiring undervalued and underfunded transactions.” At the same time, the company’s business model “is to continually expand on its hard assets of real estate, land and natural resources, etc. to accumulate an asset base to bring shareholder value.”

The release also states the company will acquire and fund “a wide range of development stage transactions, ranging from development stage real estate transactions to undervalued private operating companies.”

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