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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”