SAO PAULO, Brazil, March 14 /PRNewswire/ -- Tecnisa informs that pursuant
to CVM Instruction 358 of January 3, 2002, and amendments thereto, Tecnisa
S.A. ("Company") hereby announces that it has exercised its right to withdraw
from Golf Village Empreendimentos Imobiliarios S.A. ("Golf Village"), as
permitted by the Second Amendment to the Golf Village Shareholders' Agreement
entered into on July 18, 2006 ("Shareholders' Agreement").
Under the terms of the Shareholders' Agreement, Tecnisa would have the
right to withdraw from Golf Village if the company did not register the
development of at least one phase of the project entitled Campos de Sao Paulo
(the "Project") with the competent authorities by December 31, 2007. Since the
Project was not registered by said date, the Company decided to notify Golf
Village and its other shareholders of its decision to withdraw.
Tecnisa subscribed to shares representing 25% of Golf Village's capital in
2006, which were fully paid in via the transfer of sums totaling R$ 39.5
million. Pursuant to the Shareholders' Agreement, as a consequence of its
withdrawal, the Company will be reimbursed with the amounts transferred, duly
updated.
The Company plans to allocate the funds to be received from the exercise
of its right to withdraw from Golf Village to other projects. The total value
of Tecnisa's land bank will remain unaltered in relation to the end of 2007,
with a PSV of R$ 4.5 billion, given that the Company acquired new land in the
opening months of 2008 with an equivalent PSV to that of its share of Golf
Village. Similarly, our projected launches for 2008 and 2009 will be
maintained.
Leonardo Charles Malafaia Paranagua
CFO and Investor Relations Officer
SOURCE Tecnisa S.A.
Geraldo Colonhezi for Tecnisa S.A., +5511 3708-1164
