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Partners to purchase
Nevada Land firm
TORONTO -- Global Equity Corp. said Monday it and Pico Holdings Inc., an insurance and investment holding concern, have agreed to buy Nevada Land & Resource Co. for about $53.7 million.
Nevada Land owns about 1.4 million acres in Northern Nevada that holds "extensive potential for the development of mineral rights, water resources, energy and geothermal reserves, and land sales and exchanges," Global Equity said.
Global Equity, a Canadian investment concern, will own about 75 percent of Nevada Land, while Pico will hold the remaining interest. Pico, of La Jolla, Calif., owns about 38.2 percent of Global Equity's outstanding common shares through its Physicians Insurance Co. unit of Ohio.
The deal is expected to close on April 23.
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M & H Building Specialties Inc. has promoted Jerry Turner to vice president of operations from general manager.
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Two local Southwest Gas Corp. employees have received company excellence awards for their efforts at cost containment and outstanding representation on behalf of the company in the natural gas industry.
The awards went to Dave Gildersleeve, director of large customer sales, and Richard Jordan, manager of gas supply planning and contract audit.
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Citing inflation and rising costs, TCI Cablevision has announced about a 4 percent rate increase for its Reno-area customers.
The cable operator said most customers in Reno and Sparks will see their monthly rates increase by 80 cents to $1 beginning in June.
Last year, TCI raised rates about $2.50 per month in Reno and Carson City.
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Binion's Horseshoe has signed an agreement to install the OASIS II casino management system designed by Casino Data Systems. ... Nevada Manhattan Mining Inc. filed a Form 10 Registration Statement pursuant to Section 12(b) of the 1934 securities Exchange Act and has simultaneously applied for listing on a major exchange.
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