Fidelity National Timber Resources, Inc. Announces Plans to Open a Tom Weiskopf Designed Golf Course in Spring 2012
Jacksonville, Fla. -- (July 22, 2011) - Fidelity National Timber Resources, Inc. ("FNTR") a wholly-owned subsidiary of Fidelity National Financial, Inc. (NYSE: FNF), is pleased to announce its plans to open the Tom Weiskopf designed golf course tentatively named The Rock Creek Club of Idaho (formerly known as Black Rock North) in the late spring of 2012. This world class golf course is located on approximately 1,000 acres of beautiful rolling terrain situated on the bluffs above Lake Coeur d'Alene and is conveniently located only minutes from downtown Coeur d'Alene, Idaho. The property also has preliminary entitlements for 330 residential units. FNTR intends to offer a variety of unique membership opportunities tailored to fit current market conditions. Such offerings are planned to include memberships that will allow access to the highly acclaimed Rock Creek Cattle Company located in Deer Lodge, Montana. In addition, discussions are under way with FNTR's strategic partner and industry leading developer of luxury private club communities around the globe, Discovery Land Company, regarding opportunities for multi-faceted memberships and property ownership in other highly desirable destinations. The first phase of the real estate development at The Rock Creek Club of Idaho is in final planning stages and is being designed to provide buyers with variety of appealing residential units that offer compelling value.
"We are extremely excited about moving forward with the grand opening of The Rock Creek Club of Idaho," said FNF Chairman William P. Foley, II. "Our strong capital backing and low cost basis, in combination with the existing entitlements and substantial improvements on the property, place FNTR in a unique position to successfully complete the development of a world class golf course community in a beautiful location. Current market conditions require creativity in structuring both the golf club membership offerings and the types of residential units FNTR brings to market over time. FNTR's existing assets, in combination with the experience and assets of our strategic partners, place FNTR in an ideal position to provide the types of offerings and product the market currently demands. Furthermore, FNTR's recent investment in Gozzer Ranch, an outstanding Discovery Land Company project, combined with our investment in The Rock Creek Golf Club of Idaho, demonstrate our commitment to and optimism for the future of the real estate and business markets in the greater Coeur d'Alene region and the Inland Northwest. We are very excited about becoming a part of this outstanding community and working closely with Kootenai County officials and its residents to move this project forward in an open and cooperative manner."
About FNF
Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, mortgage services, specialty insurance and diversified services. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title - that collectively issue more title insurance policies than any other title company in the United States. FNF also provides personal lines insurance and home warranty insurance through its specialty insurance business. In addition, among other operations, FNF owns minority interests in Ceridian Corporation, a leading provider of global human resources, payroll, benefits and payment solutions and Remy International, Inc., a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles. More information about FNF can be found at www.fnf.com.
Forward Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE: Fidelity National Financial, Inc.
CONTACT:
Daniel Kennedy Murphy
Senior Vice President and Treasurer
904-854-8120
dkmurphy@fnf.com