LAS VEGAS— Leisure Industries Corp. of America has acquired 2,109 acres of land in northern Arizona, which it intends to develop and market as second homes and vacation home sites through its wholly owned subsidiary, Leisure Homes Corp. The land was purchased from Arizona Acreage, LLC for a combination of $250,000 cash and 540,416 shares of Leisure’s common stock valued at $6 per share for this transaction. Leisure Industries expects this property to provide inventory for the next three to five years of operation. As part of this transaction, Leisure Industries has acquired the right of first refusal for participation in the development of an additional 20,000 acres adjacent to these lots.
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