$CGRA nice update ... 2017 is going to be huge ... adding
CGrowth Capital Poised to Breakout in Q4
SILVERDALE, WA -- (Marketwired) -- 11/16/16 -- CGrowth Capital, Inc. (OTC PINK: CGRA) (the "Company") is pleased to report the filing of the Company's consolidated 3rd Quarter financials for the period ended September 30, 2016. Total Assets increased 13.2% over the prior quarter to nearly $25,000,000. The Company's share structure remained unchanged for the 12th consecutive month, as the Company remains committed to developing its business plan without the issuance of stock.
The Company increased and renewed its bond offering in the United Kingdom to £30,000,000 British Pound Sterling -- releasing Bond Issue 2 Series 1v1 on November 9, 2016. The offering was completed in conjunction with management's visit with the bond administrator, and included meetings with strategic investment groups and pension managers. With the deployment of funds received through the Company's bond offering and the execution of numerous business initiatives, the Company is looking ahead and excited about closing out the year on high note and continuing the momentum into 2017.
During the 3rd quarter, the Company's subsidiary, Powder River Resources, has completed infrastructure improvements, well workover programs, production and wellsite facility upgrades, and extensive mapping and data collection on new drilling locations. The extensive work is projected to result in oil and gas revenue ramping up through the winter and continuing to build into 2017 and beyond. As new drilling commences, and prior workovers come online, the Company looks forward to a robust energy division.
The Company's real estate holdings under Chewelah Properties, LLC is now posting significant leasing revenue as first phases of construction have come to completion. The re-tooling of the property has resulted in combined lease rates of $48 per square foot (plus NNN charges) for the initial building completion of 8,000 sq. ft. The Company expects to continue bringing additional square footage online during 2017 along with increases in overall lease revenue.
Bill Wright, CEO of CGrowth Capital, Inc. stated, "We have a robust, non-dilutive, thriving company. Revenues are now beginning to post into our fourth quarter financials and we fully expect these revenues to continuing growing. This has never been an adventure with overnight success -- it has taken time, patience, the right relationships, and a whole lot of work -- but we are there now and revenues will continue to build as we expand the facilities, properties, and leases under our control."
The Company continues to make progress on completing its domestic audits in preparation for uplisting to a higher exchange. In addition, management met with auditors in the United Kingdom to ensure smooth transition of data between all groups. Additional information will be provided on this subject as further developments are made.
