2022-05-14 | OTCPK:ASZP | Press release
FORT LAUDERDALE, Florida., May 14, 2022 /PRNewswire/ — Publicly held JV Group, Inc. (OTC MARKETS: ASZP) announces the signing of a definitive agreement to purchase real estate owned by Abraxas Corporation with an estimated fair market value (FMV) of US$5.5 million.
Under the terms of the agreement, which was unanimously approved by the board of directors of both companies, JV Group will purchase the Abraxas property portfolio as part of the initial acquisition of the Casamora Resort asset group. . As part of this transaction, the shareholders of Abraxas Corporation agree to accept a portion of the purchase price in shares of JV Group at the market price on the date of the updated valuation.
The purchase by JV Group of the real estate assets of Abraxas is subject to customary closing conditions and is expected to be finalized during the current quarter. This acquisition will provide an immediate revenue stream and significantly increase the company’s asset base, adding approximately 8 residential units and a retail complex which is expected to include a premier health and wellness spa, beauty salon, fully equipped flexible coworking and a private social club with rooftop terrace, in the company’s planned rental and development portfolio.
As the first planned acquisition in the Pays de Belizemanagement believes that these Casamora Resort assets fit perfectly with the company’s strategy of creating a strong network of residential enclave communities in the Caribbean.
About JV Group, Inc.:
JV Group Inc. is a real estate investment and management company focused on creating value through the targeting and acquisition of undervalued, ready-to-use residential resort properties, development and rebranding under the “Awaysis” brand to create a network of residential resort enclave communities in desirable global travel destinations that will optimize both sales and rental revenues and deliver attractive returns to owners and exceptional vacation experiences to travelers .
Statements contained in this press release that are not historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “could”, ” intends”, “target”, “”project”, “contemplate”, “believe”, “estimate”, “predict”, “potential”, “could” or “continue” or the negative form of these terms or other similar expressions.Although JV Group, Inc. believes that the expectations reflected in the forward-looking statements are based on reasonable assumptions, they involve numerous risks and uncertainties and JV Group, Inc. cannot guarantee that its expectations will be achieved. Factors or events that could cause actual results to differ may arise, and it is not possible to all predict. Our plans and objectives are based, in part, on assumptions and judgments regarding, among other things, the successful deployment of our business plan, including the acquisition n, the integration and operation of resort communities and residential enclaves in Belize; our success in raising capital for operations and implementing our business plan, strategy and initiatives; growth, revenue and profitability projections; our ability to respond to or manage local issues in Belize; our expectations regarding the impact of general economic conditions on our proposed business; and the effects of the COVID-19 pandemic on global and national economies and on our business operations and financial results; and our ability to meet Nasdaq listing requirements and transition to Nasdaq. Our assumptions used for the purposes of forward-looking statements represent estimates of future events and are subject to uncertainty about possible changes in economic, legislative, industry and other circumstances. These forward-looking statements involve assumptions, known and unknown risks, uncertainties and other important factors that could cause actual results, performance or our, or industry’s, results to differ materially from historical results. , future results, performance or achievements. expressed or implied by these forward-looking statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this press release. Important factors that could cause our actual results to differ materially from those expressed in forward-looking statements are set forth in certain of our filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
SOURCE JV Group, Inc.