8000inc (EIGH.pk) Commences Real Estate Operations Purchasing Properties Valued at $1.5M USD at 40 Cents on the Dollar
By 8000inc, PRNEMonday, March 1, 2010
As Part of it $10MUSD Draw Down Recently Announced, and as Part of its Real Estate Expansion Strategy, 8000inc has Purchased 6 Properties in the North East USA
MANASSAS, Virginia, March 2, 2010 - In line with the property and investment strategy, 8000inc has purchased
6 residential properties in North East USA. The investment team negotiated a
40 cents on the dollar block purchase of all properties giving the previous
owner their exit strategy whilst ensuring the maximum potential profit for
8000inc. This move is part of the team's global strategy to not only manage
and sell properties on behalf of clients, but also to build a significant
corporate property portfolio as a cash buyer.
The sale and leasing of 8000inc property will be associated in part with
Sky Villas Realty, but the acquisition of property across the US will be run
and managed by the 8000inc Investment team.
Thomas Kelly, CEO 8000inc, stated, "This development was always planned
as part of the long term strategy for the 8000inc investment team. Having
negotiated the $10M USD draw down utilising non-dilutable shares as
previously announced, we now have the cash available to make our move on the
US property markets and property development. The team will also manage the
planned 8000inc Stadium in Barbados during 2010." Thomas added, "For the
company to be able to move forward at such a pace is commendable and I
congratulate all involved. For the team to create the vehicle to undertake
realty purchases and development and to do this without dilution of the
corporate treasury, nor engage in costly financing, is truly impressive. The
8000inc vision is now gearing up with the teams, the strategy and cash in
place. But more importantly, all of the components have to move in unison and
when the opportunity is at its greatest across all our businesses. All I can
say is the team is doing just that, and then some."
This news release contains forward-looking statements that are subject to
certain risks and uncertainties that may cause actual results to differ
materially from those projected on the basis of such forward-looking
statements. The words "estimate," "project," "intends," "expects,"
"believes," and similar expressions are intended to identify forward-looking
statements. Such forward-looking statements are made based on management's
beliefs, as well as assumptions made by, and information currently available
to, management pursuant to the "safe-harbour" provisions of the Private
Securities Litigation Reform Act of 1995. For a more complete description of
these and other risk factors that may affect the future performance of 8000
Inc. see "Risk Factors" in the Company's Annual Report on Form 10-KSB and its
other filings with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date made and the Company undertakes no obligation
to disclose any revision to these forward-looking statements to reflect
events or circumstances after the date made or to reflect the occurrence of
unanticipated events.
For further information: please visit: www.8000inc.net,
www.skyvillasrealty.com; Or contact: 8000inc, 10432 Balls Ford Road,
Suite 300, Manassas, Virginia, 20109, USA, t. +1-703-881-7834, f.
+1-703-881-7601, e.enquiries@8000inc.net
For further information: please visit: www.8000inc.net, www.skyvillasrealty.com; Or contact: 8000inc, 10432 Balls Ford Road, Suite 300, Manassas, Virginia, 20109, USA, t. +1-703-881-7834, f. +1-703-881-7601, e.enquiries at 8000inc.net
Tags: 8000inc, Manassas, March 2, virginia