INVESTCO CORPORATION

INVESTCO CORPORATION

Previous company name
U.S. WEST HOMES, INC.
Name change date
4/29/2003
Company Overview
Investco Corporation, formerly known as U.S. West Homes, Inc., is engaged in the construction services. It builds houses through the development of master-planned communities, real estate entitlements and subdivisions. The company was founded in 1968 as Golden Chest, Inc. Its corporate headquarters is located in Laguna Beach, California.
Investco Corporation has projects under development in Southern California, Nevada and is acting as a joint venture partner to assist the owners in the development of properties in Northern Baja California. The company intends to acquire undeveloped acreage for development into planned communities, which will include homes, shopping areas, commercial areas, town homes and condominiums, and will include open space for recreation with golf courses and casino complexes in most Nevada developments. The company also owns Noble Concepts, a manufacturer of Craftsman Mission furniture distributed throughout the United States to a variety of furniture retailers, which it uses to furnish its models and homes.
One of the company’s subsidiaries is Mantis Investments, Inc., which has a 750-acre, land tract and a 48-pad mobile home park. Other subsidiary of Investco Corporation is Evergreen Manor II, LLC, which owns, develops and sells senior condominiums.
Business Summary
Investco Corporation, formerly U.S. West Homes, Inc., is engaged in building affordable housing through the development of master-planned communities, real estate entitlements and subdivisions. The Company has projects under development in Southern California, Nevada and is acting as a joint venture partner to assist the owners in the development of properties in Northern Baja California. It intends to acquire undeveloped acreage for development into planned communities, which will include homes, shopping areas, commercial areas, town homes and condominiums, and will include open space for recreation with golf courses and casino complexes in most Nevada developments. Investco also owns Noble Concepts, a manufacturer of Craftsman Mission furniture distributed throughout the United States to a variety of furniture retailers, which it uses to furnish its models and homes.
Description and history
Investco Corporation, formerly U.S. West Homes, Inc., incorporated on February 26, 1968, is engaged in building affordable housing through the development of master-planned communities, real estate entitlements and subdivisions. The Company has projects under development in Southern California, Nevada and is acting as a joint venture partner to assist the owners in the development of properties in Northern Baja California. It intends to acquire undeveloped acreage for development into planned communities, which will include homes, shopping areas, commercial areas, town homes and condominiums, and will include open space for recreation with golf courses and casino complexes in most Nevada developments. Investco also owns Noble Concepts, a manufacturer of Craftsman Mission furniture distributed throughout the United States to a variety of furniture retailers, which it uses to furnish its models and homes.

The Company’s subsidiaries include Mantis Investments, Inc., which has a 750-acre, land tract and a 48-pad mobile home park near Oasis, Nevada. Evergreen Manor II, LLC is a limited liability company in Chapter 11 Bankruptcy that owns, develops and sells senior condominiums in Los Angeles, California. Investco, which owns a 59.2% membership interest in Evergreen Manor II, projects a 47-unit senior condominium project located in Monterey Park, California. As of December 31, 2002, a total of 34 units had been sold. A total of 13 still remain to be sold.

S.R.I. SFR, Inc. purchased a land tract and site improvements to build 223 single-family homes for seniors in San Jacinto, California, called The Cottages at San Jacinto. U.S. West Construction, Inc. has been engaged as the contractor to build the initial phase of 86 homes and Prudential New Home Realty has been engaged to be the selling agent on the project.

The Flamingo 55 project is the last phase of a pre-existing housing development project in Las Vegas and involves land tract and site entitlements to develop and sell 55 senior town homes. This project is listed for sale.

Friendly Bear Plaza, Inc. is a 25,000-square-foot strip mall located in Las Vegas, Nevada, with 21,200 square feet of rentable space. It is a commercial rental property and, as such, it is depreciated on a straight-line basis using a useful life of 39 years on the building and a useful life on the components in accordance with General Accepted Accounting Principles on each non-building component such as air conditioning systems and other equipment. The property has been reported as a discontinued operation through the sale date of May 5, 2002.

Pecos Russell Business Center, LLC and P/R Business, Inc. were purchased in April of 1999. When the Company purchased Pecos Russell Business Center, it was under construction. All construction was complete, as of June 30, 2001, and, as of December 31, 2001, two of the four buildings had been leased. All of the stock held by the Company in P/R Business, Inc. was sold to U.S. Homes & Properties, Inc. on May 9, 2002.

Oasis Planned Urban Development encompasses 750 acres of raw land and an existing 48-pad trailer park outside Oasis, Nevada. This land has been approved for planned urban development by the county. The project, which will develop a total of 366.50 acres of land zoned for commercial, public and industrial uses, 388.3 acres of land for single-family residential, multi-family and open space uses and the 48 existing mobile home park, is located on the convergence of Interstate 80 and State Route 233.

Signature Properties, Inc., which is in foreclosure, owns acreage approved for the construction of a 57-unit senior apartment project in Albuquerque, New Mexico. There is a single loan against this property, which is fully due and payable and is in default. The property is zoned for apartments for active seniors.

The Company intends to acquire real estate or interests in real estate, usually for development and resale, from geographic areas in Southwestern United States, where it intends to specialize, including Southern California, all of Nevada, Arizona, New Mexico and Northern Baja California in the State of Baja California in the Republic of Mexico. However, it may elect to invest in properties outside of this general area.

Investco entered a joint venture with Las Brisas de la Rivera, S.A. de C.V. to develop property in Northern Mexico on the Baja California coast. It may make investments in the future in other joint ventures, stock investments and partnerships where it is the majority interest holder or the general partner. The Company does not intend to invest in securities listed on a national securities exchange.

Formerly known as U.S. West Homes, Inc; Founded as Golden Chest, Inc

Business Line
Engaged in construction services
Subsidiary

Advisor
MCKENNON, WILSON, & MORGAN LLP
IPO date

US SIC Code
6531
Company Address
Suite 1430
4695, MacArthur Court
City province or state postal code
92660, NEWPORT BEACH, CA
Phone: +1 949 717 0630
Fax:
Country address: UNITED STATES OF AMERICA
Website url: www.seniorcareind.com