In Ovations Holdings, Inc. (INOH) Enters Into Letter of Intent on Acquisition of 7.5 Million Gallon Tank Farm Calculated to Value Over $13,000,000 and to Yield Revenues of $1.8 Million Dollars per Year
In Ovations Holdings, Inc. Also Announces the Health-Related Resignation of Mark Goldberg as Co-CEO
(firmenpresse) - DORAL, FL -- (Marketwired) -- 06/10/15 -- On June 10, 2015, In Ovations Holdings (OTC PINK: INOH) and 2 Lisa Court Corporation executed a Letter of Intent (LOI) for the purchase and rehabilitation of the Meridian Mid Continent Tank Farm and Terminal (hereinafter "Tank Farm") located in Meridian, Mississippi. The Tank Farm is situated to store over seven point five million gallons (7,500,000) of refinery product and, after rehabilitation, will produce an approximate income in excess of $1,800,000 per year and possess a total property/project value of between $13,000,000 and $14,000,000.
2 Lisa Court Corporation, via the LOI, has already committed to provide up to 50% seller financing to In Ovations Holdings on the approximately 20 acre site.
"We are thrilled to announce this exciting project which is consistent with our continued redevelop of INOH as a diversified revenue generating holding company. With two Interstate Pipelines already on premise, namely the Colonial Pipeline (originating in Houston and terminating in the New York City Harbor) and the Plantation Pipeline (originating in Baton Rouge and connected to terminals in Washington National and Dulles), the Tank Farm is well-positioned to serve the domestic energy industry which continues to realize significant growth," said CEO Rosendo Alvarez, III.
The LOI provides for a fourteen day period of final due diligence. Valuation reports and site studies have already been provided and reviewed. Upon completion of due diligence, which process is being expedited, In Ovations Holdings and 2 Lisa Court Corporation expect to enter into a formal contract for Purchase and mortgage terms. In Ovations Holdings expects to release details of future plans for the Tank Farm in the near term.
Finally we announce that, as a result of the recovery associated with his recently suffered stroke, the Company has accepted the resignation of Co-CEO Mark Goldberg, effective immediately. Mr. Goldberg will still maintain his active Board membership. Rosendo Alvarez, III will serve as sole interim CEO until the next formal meeting of the Board of Directors. The Company would like to extend its sincere thanks to Mr. Goldberg for his years of service and wishes him well in his continued recovery.
"Safe Harbor Statement" Under The Private Securities Litigation Reform Act of 1995: The statements in this presentation that relate to the Company''s expectations with regard to the future impact on the Company''s results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. Additional risks and uncertainties are set forth in the Company''s Annual Report for the year ended June 30, 2013, and the Company''s Quarterly Report for the first quarter ended September 30, 2013. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company''s plans or expectations.
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Public / Investor Relations:
William A. Young Sr.
623-238-5245
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Datum: 10.06.2015 - 07:23 Uhr
Sprache: Deutsch
News-ID 1365051
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