Sino Cement Inc Announces Agreement to Purchase Real Estate Assets Valued at $12. Million USD
(firmenpresse) - NEW YORK, NEW YORK -- (Marketwire) -- 12/13/12 -- Sino Cement Inc. (OTC PINK: OCEE) has agreed to purchase from a company controlled by its CEO, Mr. Mack Frankel, a commercial office building valued at $12 Million and located in Lynbrook NY. The asset is comprised of an office edifice with 58,469 sq. ft, a cap rate of 9.03%, gross revenue of approximately $1.6M, and net operating income of $1.08M. Numerous rental increases will take effect in the next quarter, and a potential for significant, additional revenue from the lease or sale of the Company's right to put antennas on the roof.
The purchase price will be paid for by a mortgage assumption in the approximate amount of $2.3M, a cash consideration of $300,000 payable in installments over the next 60 to 90 days, and the balance in 470,000 shares of Sino Cement shares issued at $20.00 per share, for a total of $ 9.4 Million. The closing of the transaction is expected to take place prior to yearend. In arriving at the value of the property, the company has relied upon third party valuations, which have provided an indicated value of $12.75 Million. The Company has recently received an expression of interest for financing for $7.5 Million, which if consummated will provide substantial working capital to the Company and supports the purchase price of the property.
The purchase is part of a series of real estate transactions being contemplated by the Company which in aggregate will total approximately $100 Million. The assets are all located within the greater New York Metropolitan area.
In connection with the above acquisition, Mr. Marco Garduno, Director of Sino Cement, has agreed to cancel 9.50 Million of the 10 Million share control block that he holds, thereby reducing the number of outstanding shares by 84.4%. At the closing of the real estate transaction a portion of the remaining shares owned by Mr. Garduno are to be transferred to entities controlled or affiliated with Mainline Land Co. LLC, a company owned by the Chairman, of Sino Cement, Inc., Mr. Meier (Mack) Frankel.
The above transaction(s) is designed to enable Sino Cement to become a fully operating company with a focus on real estate income and development.
This news release contains forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.
Contacts:
Sino Cement Inc.
Mr. Meier Frankel
1-845-362-2345
Sino Cement Inc.
Mr. Marco Garduno Chavez
1-403-830-7125
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Datum: 13.12.2012 - 08:38 Uhr
Sprache: Deutsch
News-ID 1180132
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Construction
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