2007-05-15 15:37:36 -
SAN RAFAEL, Calif., May 15 /PRNewswire-USNewswire/ -- Homeward Bound of Marin, the primary provider of shelter and services to homeless individuals and families in Marin County, today launched the nation's first nonprofit IPO, with renowned investor Warren Buffett buying the first share.
Rather than an "Initial Public Offering" of shares in a for-profit company, this IPO represents an "Immediate Public Opportunity ... to end homelessness." Up to 200,000 "fundraising shares" have been made available at $32 each.
The net proceeds will finance the construction of "The Next Key," a new
facility that will include 32 units of affordable studio housing and a job-training complex to help formerly homeless individuals realize their growth potential. The launch of this IPO coincides with Affordable Housing Week (May 11 - 18, 2007), celebrated by all nine Bay Area counties.
Mr. Buffett, the legendary investment genius and chief executive of Berkshire Hathaway Inc., agreed to kick off the "IPO" with purchase of the first share to raise awareness of the plight of homeless individuals and families.
It's rare for Mr. Buffett to offer a stock tip, but he described this IPO as "a good investment opportunity" for anyone. Homeward Bound of Marin hopes other venture capitalists as well as individuals in the broader community will follow Mr. Buffett to invest in this unique venture.
"Our strategy is geared for people to take stock in their community," says Mary Kay Sweeney, executive director of Homeward Bound. "Shareholders will see how returns on investments in people can be just as satisfying and long-lasting as investments in innovative companies that have the opportunity to change the world."
Investors can follow Warren Buffett's lead by purchasing shares on-line at http://www.ipohomeward.com/ or by calling (415) 455-5681.
Every IPO investor will receive a share certificate entitling them to an annual Keyholder Report detailing the progress of residents, as well as an invitation to attend an annual shareholder open house at The Next Key in Novato, Calif. Warren Buffett also contributed a number of autographed items that will be auctioned in support of The Next Key project. Images of Buffett with the first share are available via email from pfordham@hbofm.org
For more information about this unique nonprofit IPO, visit www.ipohomeward.com
For more information about Homeward Bound of Marin, visit www.hbofm.org
For more information about The Next Key, visit www.hbofm.org/next_key.php
Source: Homeward Bound
