NEW ORLEANS, July 9 /PRNewswire-FirstCall/ -- Pacific Land and Coffee Corporation (OTC Bulletin Board: PLFF) announced today that it has acquired 129 University Place LLC, which owns the Orpheum Theatre located in the New Orleans business district. The purchase price was 42,260 shares of Series B Preferred Stock. The Series B Preferred stock is convertible into 84,520,000 shares of common stock. In connection with the acquisition, Mr. John L. Hales, and Al Coscina resigned as directors and officers. Andrew Reid was elected as a director, Rod Solow was elected as President and Michael Mulshine was elected as Secretary.

The Orpheum Theater is listed in the National Register of Historic Places. Flood damaged in Hurricane Katrina, this historic venue will be refurbished by the Company's subsidiary, 129 University Place LLC with the partial assistance of tax credits furnished by the state of Louisiana. 129 University Place has recently purchased the Orpheum Theatre for $8.1 million, which included an existing mortgage lien of approximately $2.6 million, including accrued interest. Pacific Land and Coffee intends to change its name to "Orpheum Property, Inc." and to carry out a 1-for-20 reverse stock split in order to make the Company's common stock more appropriate for institutional investors.

Subsequent to this acquisition the new Board of Directors met to review all business and a decision was taken to dispose of the existing coffee related businesses and focus on building a property portfolio. These existing coffee businesses which had a negative net worth and trading losses in the last year were sold for a cash consideration of $110,000 on 30th June.

In order to have these transactions audited and disclosed as subsequent events in the 10K for the period ending 31st March 2010, the company has applied for a two week extension to the filing that was due on 30th June 2010. Subject to a review by the company's auditors the Board of Directors consider that the balance sheet will be considerably strengthened as a result of these transactions and the relevant figures will be disclosed in the proforma balance sheet which will be included in the 10K.

Note: Except for the historical information contained herein, this new release contains forward-looking statements that involve substantial risks and uncertainties. Among the factors that could cause actual results or timelines to differ materially are risks associated with research and clinical development, regulatory approvals, supply capabilities and reliance on third- party manufacturers, product commercialization, competition, litigation, and the other risk factors listed from time to time in reports filed by Pacific Land and Coffee Corporation with the Securities and Exchange Commission. The forward-looking statements contained in this news release represent judgments of the management of Pacific Land and Coffee Corporation as of the date of this release.

SOURCE Pacific Land and Coffee Corporation