Syndication Inc. Board Picks Lake City, S.C. as Site Location for Sentinel Renewable Energy Subsidiary; Agrees to $500K Purchase
12 January 2011 - 5:35AM
Syndication Inc. (Pink Sheets:SYNJ) announced that on January 7th,
2011 the CEO, on the authority of the Board of Directors, accepted
the terms to purchase a 213,000 sq. ft. plant located in Lake City,
South Carolina. The site will become the plant location for
Sentinel Renewable Energy S.C., Syndication Inc.'s bio-diesel
manufacturing subsidiary. The property was part of a bankruptcy
portfolio and the Company's #2 site choice. The Company's CEO was
authorized to release the down payment and purchase the property
for $500 thousand subject to, among other things, an engineering
inspection of the roof with cost estimates of the required repairs
as well as the approval of zoning ordinances that will allow
multiple purpose industrial and rental use. Additional factors of
the company's decision to buy this site included but were not
limited to purchase availability, shipping access, (rail, truck,
ship), and feed stock availability.
The site represents the Company's number 2 choice as the favored
location remains under contract by a competitive buyer. On the 31st
of December 2010 the purchase contract on the Company's first
choice was extended for settlement a second time for an additional
60 days. The Board, no longer willing to wait for a resolution on
the competitive bid, made its decision to move forward with the
purchase of the Lake City Plant. The Board further stipulated that
in their opinion, the real estate market conditions as they stand
in the State of S.C. would make it possible to consider buying the
currently forfeited site as an additional asset should it become
available in the future. South Carolina is a great place to be and
it's become blatantly clear that the more patient we become the
more leverage we garnish. In the Board's opinion the community is
aggressively pursuing all strategies to attract investors and the
delays of last year's developments have inadvertently put the
Company in the best negotiating position of the project's history.
As stated earlier, "I was willing to be patient but only to a
certain extent. The board is anxious to move and this action
represents a big step for our Bio-diesel Manufacturing Project. We
are being pursued aggressively by many business citizens of South
Carolina and opportunity is being dropped at our door step
virtually every day," said the CEO of Syndication Inc.
The Board remains resolute to the execution of our business plan
and the belief in our future. The pursuit of the alternative energy
market is still in its embryonic stage and South Carolina is one of
its frontiers. The State is poor and starving for corporate capital
investment. We have cash reserves and have made accommodations to
accept an additional million dollar investment, the details of
which will be released shortly. South Carolina is aggressively
courting Syndication/SRE S.C. as a player in their business
community. We are using their economic dearth as leverage to
convert our business plan from chalk board to practical
application. "I am excited and proceeding with cautious but,
specific intent," said the CEO of Syndication Inc. Over the next
couple of days and weeks the Company expects to release details on
the legal issues related to the $5 million loan escrow, both
dividends and the identity and final terms on the Company
purchasing the 20% stake of SRE S.C. News is pending but, will be
released as it develops.
This press release may contain forward-looking statements
covered within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to,
among other things, plans and timing for the introduction or
enhancement of our services and products, statements about future
market conditions, supply and demand conditions, and other
expectations, intentions and plans contained in this press release
that are not historical fact and involve risks and uncertainties.
Our expectations regarding future revenues depend upon our ability
to develop and supply products, which we may not produce today and
that meet defined specifications. When used in this press release,
the words "plan," "expect," "believe," and similar expressions
generally identify forward-looking statements. These statements
reflect our current expectations. They are subject to a number of
risks and uncertainties, including, but not limited to, changes in
technology and changes in pervasive markets.
New Contact Information: Syndication Inc, Brian Sorrentino Phone
# 888-422-5515
For all mail correspondence: Box 503, Damascus, MD 20872
CONTACT: Syndication Inc.
888-422-5515
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