NEWS:
Feb 17, 2015 (ACCESSWIRE via COMTEX) -- Update on Company Operations
ST. PETERSBURG, FL / ACCESSWIRE / February 17, 2015 / Sylios Corp UNGS, +0.00% is pleased to announce that through a newly formed investment subsidiary, the Company has entered into a joint venture to participate in the development of a state of the art marina facility in Aventura, FL.
The marina will be constructed on seven plus acres of submerged land in the city of Aventura, FL located in Miami-Dade County. Current plans for the marina call for the building of 100+ slips, "dockominiums", ranging in sizes from 40' to 100' slips. The Company's revenue from the sale of the dockominiums will be proportional to the capital infused during the construction phase. Projected revenue from the sale of all dockominiums is $10-12 million. The terms of the joint venture are being finalized. The Company anticipates that permitting will begin during the second quarter of 2015 with construction beginning immediately after the receipts of the permits. Further details on the terms of the joint venture as well as the development plans will be issued to shareholders as they come forth.
During the first quarter of 2015, the Company was successful in settling two lingering lawsuits. Both lawsuits were filed against the Company's wholly owned subsidiary, US Natural Gas Corp WV, and triggered by events occurring prior to its acquisition in 2010. The Company anticipates each settlement to be filed with the Court system in the coming days. There was no cash or stock exchanged as part of either settlement.
Wayne Anderson, President of Sylios Corp, noted, "We are pleased to have the settlement of the two lawsuits behind us so that we may move forward with our current business plan and with the new opportunity to participate in the development of the marina in South Florida. With the Company's numerous opportunities in the newfound cannabis industry and through our investment subsidiaries, we expect 2015 to be an exciting and prosperous year for shareholders."
During the fourth quarter of 2014, the Company and its auditor, Enrique Nowogrodzki, CPA, mutually agreed to terminate the auditing services of CPA Services Corp Com. The Company has successfully interviewed two new firms that can pick up where Mr. Nowogrodzki's firm left off. The Company will make further shareholder updates on the audit process with a more definitive timeline as to the completion of the audit in the coming weeks.
The Company's cannabis related subsidiaries, The Greater Cannabis Company. LLC and Bud Bank, LLC, are still fully operational. Despite rumors to the contrary, the Company's agreement with Artemis and its plans to build-out the Greater Cannabis Company Superstore are still first priority for the Company's entry into the cannabis industry. Further updates will be given on each of these operational subsidiaries as progress develops.
About Sylios Corp
Sylios Corp, based in St. Petersburg, FL, is a holding corporation with operations engaged in the exploration and development of oil and natural gas properties, investments in equities and corporate debt and the development of products utilized for the medical and recreational marijuana industry.
I'm here for my money
