Sino Cement, Inc. Announces Purchase of Rental Properties
09 April 2013 - 1:00AM
Marketwired
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
1-403-830-7125info@sino-inc.com
American Hemp Ventures (PK) (USOTC:AMHV)
Historical Stock Chart
From May 2024 to Jun 2024
American Hemp Ventures (PK) (USOTC:AMHV)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about American Hemp Ventures Inc (PK) (OTCMarkets): 0 recent articles
More Sino Cement, Inc. News Articles