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WOWIO, INC. Acquires Land to be developed into

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otcwhiz   Thursday, 11/09/17 10:12:57 AM
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WOWIO, INC. Acquires Land to be developed into low cost housing in Northern California

•November 9, 2017Comment
WOWIO Continues to Build its base of new Businesses

Henderson, NV, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Wowio, Inc. (OTC Pink: WWIO) “WWIO or The Company” has entered into an agreement for its wholly owned subsidiary to purchase 100% of the issued share capital in BLRR Corp., subject to current debt. BLRR Corp. owns the membership units of Pyjke Company One, LLC., the owner of an 11.2 acre real estate site in Huron, Northern California. Phase I will result in the development of 30 low cost homes that are desperately needed in the Huron area. Phase 2 will result in another 20 homes. The cost of the development, outstanding real estate loans and repayment of a grant for infrastructure provided by the California Department of Housing and Community Development will be paid back as the homes are sold. The first thirty homes will sell for between $220,000 to $240,000 following USDA appraisal guidelines for that area and our developer believes that EBITDA will be between 15 and 20% of the sale price. Our goal is to commence building in the second quarter of 2018.

There are some issues outstanding on this development and currently there is a lawsuit between the City of Huron and Pyjke Company One, LLC which we are confident can be negotiated amicably.

Tony Anish, CEO of Wowio, Inc. stated; “This is the second step in our growth phase. We are trying to get our cash flow working positively, to take the steps necessary to bring all the 10-Qs and 10-Ks current quickly and to clean up past debt. Our overall plan is to improve shareholder value by acquiring businesses that can grow profitably under the new management team”

About Wowio, Inc.

WOWIO, Inc., has in the past been a digital media and technology development company with a patented process and a proprietary mobile ad-delivery platform that planned to disrupt the eBook distribution landscape by exploiting a previously untapped marketplace: ad-supported eBooks.

However, with the introduction of the new management team, WWIO will be a holding company supporting a number of investments in entertaining, restaurants, tourism and other businesses including housebuilding in Northern California and the development of property in Arizona.

Safe Harbor and Informational Statement

This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.

The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement are not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.



Contact:

For more information contact

Anthony L. Anish
tony@nmfsi.com

https://finance.yahoo.com/news/wowio-inc-acquires-land-developed-113000520.html

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