Sino Cement, Inc. Announces Purchase of Rental Properties
(firmenpresse) - NEW YORK, NEW YORK -- (Marketwired) -- 04/08/13 -- Sino Cement, Inc., (OTC PINK: OCEE) Mr. Marco Garduno, Director, is pleased to announce that the company has purchased several properties in the State of New York for $ 1,685,000 through it's wholly owned subsidiary MF1 Properties Inc. The purchase price was paid for by the assumption of mortgages totaling approximately $ 1,195,364 and the equity portion (subject to adjustment) of $ 489,636 will be satisfied by the issuance of 9,792 common shares of OCEE at a purchase price of $ 50.00 per share. The properties are fully rented and produce positive cash flow after debt service.
The assets acquired above were non arms length in that they were controlled by Mr. Mack Frankel, a Director of OCEE. Mr. Temitope Ojetunde, CRA, B.Sc of KCC Consulting Inc. provided an independent certified appraisal of the subject properties which valued the properties at $ 1,685,000 and formed the basis of the purchase price.
The company is presently closing a further package of arms length rental properties, and expects the purchase to complete in April, 2013. The company will provide a Press Release providing the details of these assets once finalized.
The company is continually seeking to engage in discussions regarding purchases of real estate or other assets that the Board of Directors feel can provide above average rates of return to our shareholders.
FORWARD LOOKING STATEMENTS DISCLAIMER: Certain statements in this document may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Contacts:
Sino Cement, Inc.
Mr. Marco Garduno Chavez
1-403-830-7125
Sino Cement, Inc.
Mr. Mack Frankel
1-403-830-7125
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 08.04.2013 - 09:00 Uhr
Sprache: Deutsch
News-ID 1214217
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
NEW YORK, NEW YORK
Phone:
Kategorie:
Construction
Anmerkungen:
Diese Pressemitteilung wurde bisher 160 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Sino Cement, Inc. Announces Purchase of Rental Properties
"
steht unter der journalistisch-redaktionellen Verantwortung von
Sino Cement, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
