In Ovations Holdings, Inc. (INOH) Executes Purchase and Sale Contract on Acquisition of 7.5 Million Gallon Tank Farm Calculated to Value Over $13,000,000 and to Yield Revenues of $1.8 Million per Year
Adds New Board of Directors Member
(firmenpresse) - DORAL, FL -- (Marketwired) -- 06/25/15 -- On June 23, 2015, In Ovations Holdings (OTC PINK: INOH) and 2 Lisa Court Corporation executed a formal Purchase and Sale Agreement 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 possesses a total property/project value of between $13,000,000 and $14,000,000.
As previously disclosed, 2 Lisa Court Corporation has already committed to provide up to 50% seller financing to In Ovations Holdings on the approximately 20 acre site. Additional financing is expected to come from private offerings and a traditional bank-financed real estate loan.
"With the announcement of entry into a formal purchase contract related to this exciting project, which is consistent with our continued redevelopment of INOH as a diversified revenue generating holding company, we renew our commitment to our shareholders to aggressively continue the restructuring of our Company. The two on-premise Interstate Pipelines, 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, render the Tank Farm well-positioned to serve the domestic energy industry, which continues to realize significant growth," said In Ovations CEO, Rosendo Alvarez, III.
Evaluation and remediation reports have already been provided and reviewed and a plan to bring the site operational is in place. In Ovations Holdings expects to release details of future plans for the Tank Farm in the near term.
Finally we are pleased to announce that the Company has welcomed Mr. Ted Doukas to its Board of Directors. Mr. Doukas is a recognized corporate turn-around specialist and the Company looks forward to receiving his input and expert advice. More information can be found at: . Additional Board and Officer announcements are expected to be made in the near term.
In Ovations Holdings, Inc.
"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.
Public / Investor Relations:
William A. Young Sr.
623-238-5245
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Datum: 25.06.2015 - 06:54 Uhr
Sprache: Deutsch
News-ID 1368439
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