Gravel firm extends due diligence period for Long Beach site
Eagle Rock Aggregates Inc. said announced Monday it is extending the ongoing due diligence review for the purchase of a 12.4-acre site within the Port of Long Beach.
The construction-material aggregate subsidiary of British Columbia-based Polaris Minerals Corp. said the extension was needed to consult with regulatory agencies regarding the site.
The site, which sits within the Long Beach port boundaries but is not controlled by the municipally governed port authority. The site is a former industrial facility that ERA reports will likely require some environmental clean-up. The acreage is one of only a handful of privately owned plots within the jurisdiction of the City of Long Beach Harbor Department, which manages the port.
Under terms of an agreement Eagle Rock Aggregates reached in January, it had 120 days to conduct due diligence before closing the acquisition. Monday's announcement extends the period through June 9 and the firm expects the transaction to close on July 1.
'We are progressing the due diligence on this opportunity, and if the site fully meets all our requirements, we expect to achieve operational status in 2010, at which time we believe the underlying strengths of the massive Los Angeles market will have entered the next growth cycle,' said Marco Romero, Polaris president and chief executive officer.
Gravel firm extends due diligence period for Long Beach site
