LAS VEGAS, NV--(Marketwire -07/23/12)- Bayport International Holdings, Inc. (EXTO) today announced the appointment of Walter E. Steel as Executive Vice President and part of their Board of Directors, effective July 23, 2012.
More than 50 years ago, Walter E. Steele was part of a small group of entrepreneurs that built a deep water harbor and established a unique economic zone on the Grand Bahamas Island with the vision that it would become a major shipping hub and international business center. That locale was Freeport, Grand Bahamas. Mr. Steele, as owner of Atlantic Builders, won the $353mm bid to be the developer for Freeport.
Mr. Steele has been the owner of Wesco Development Corporation for 47 years and has been developing and building commercial and residential properties (up to 60 homes a month) throughout Florida and the Caribbean. He built a hospital and numerous homes in Puerto Rico, Dominican Republic, the Bahamas and some 500 homes in Guyana. Some of his more significant projects include Freeport, Bahamas; Kingston, Jamaica; Palm Beach Gardens, Lantana, Boca Raton, Lauderdale and Lake Park in Florida. He built the Venice Florida sewer plant which was sold to the NY Garment Workers for $500mm.
Mr. Steele has been the contractor for real estate projects financed by such names as John D. McArthur, Howard Hughes, Guggenheims and John Port. He has been instrumental in arranging financing for significant real estate projects ranging to $100mm and he started the Venice and Tacoma bank. He has set up a great many off-shore trusts in the Bahamas and Lichtenstein.
Mr. Steele joins James Porter as CEO, Clay Franks as President and Gina Porter as Secretary. These four constitute the Board of Directors of the company.
Additionally, the Company would like to announce a change in the Preferred Share Structure. Each Director now holds 2,000,000 (two million) Preferred Shares, for a total of 8,000,000 (eight million) preferred shares issued. These shares carry "super" voting rights of 1000 votes per 1 preferred share, and are convertible to common shares on a 1 to 1 basis. The preferred stock was originally created as a "poison pill" to protect the company from a hostile takeover.
Recently, the Company announced that its wholly-owned subsidiary Cosmic American Rare Earth (CARE), Inc. has submitted a Notice of Intention to Commence Small Mining Operations to the Utah Division of Oil, Gas and Mining and has received Permit Number S0230110.
About Bayport International Holdings, Inc.
Bayport International Holdings, Inc. is a company formed to exploit the various precious minerals in the U.S. to acquaint the public with practical investment opportunities in strategic metals and minerals. Bayport International Holdings, Inc. is primarily focused on precious metals, rare earth, and oil and gas ventures. Bayport International Holdings, Inc. is developing mining and oil and gas properties with economic potential with the aim of bringing such properties to commercial production. The company's portfolio of properties is primarily located in the prolific western USA in Utah and Texas.