AV1 Group, Inc. Secures Letter of Intent to Build a Housing Development Project in Mexico
AV1 Group, Inc. (USOTC:AVOP)
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Today : Thursday 17 March 2011
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AV1 Group, Inc. (Pink Sheets: AVOP) (www.av1group.com) is pleased to announce that a Letter of Intent has been signed with regard to a housing development project in Uman, Mexico located in the State of Yucatan.
Under the terms of the letter, AV1 Group, Inc. will enter into a Joint Venture Agreement to co-develop 198 Acres of land in Uman, Mexico.
Phase I of the project is to include 185 homes. Management currently estimates Gross Sales of $4,625,000 with a potential Gross Profit of USD 925,000.
As part of the arrangement, AV1 Group will also be looking to introduce a Microcredit Option (through its Microcredit Subsidiary) for the Home Buyers which will assist them in making significant purchases including Furniture, Appliances, and Electronics.
A member of AV1 Group's board stated "We are very excited about this project. We feel that it will complement our microlending business well and further broaden our reach in Mexico. Our team will be very busy over the next few weeks working on this deal. We will make periodic updates as they become available.”