Auscrete Corporation (ASCK) in Final Negotiations to Acquire Revenue-Producing Assets.
June 28, 2016 06:14 ET | Source: Auscrete Corporation Rufus OR, June 28, 2016 (GLOBE NEWSWIRE) -- Auscrete Corporation (ASCK) has been in negotiations to acquire some significant revenue-producing assets, including an unnamed stealth acquisition, two private pension funds with assets under management in excess of one billion dollars, and a resort property in the Poconos.
Auscrete CEO John Sprovieri revealed, “Without going into great detail at this point, we are very excited as we plan to announce and close the deals very soon, perhaps days, which will add considerable assets and revenues to our financials. In addition, this will help provide a hedge against market volatility swings as we have seen of late.” He further added, “This will give us greater flexibility for both our Balance Sheet and Income Statements going forward, allowing us to continue on our path and goal to enhance shareholder values over both the near and long terms.” The company is ostensibly in the final stages of closing the acquisition of two private pension funds with assets under management in excess of one billion dollars. Both are well-funded and stable with a seven figure revenue stream.
Mr. Sprovieri provided a corporate rationale for the pension acquisition strategy. “There are many great companies that started with an acquisition of an insurance company or pension fund because they have predictable revenue streams. While Auscrete is not a start-up, we view the pension acquisitions as an essential counterbalance to the development outlays we routinely extend for our property development ventures. The example of Berkshire Hathaway comes to mind with their purchase of National Indemnity Company. Further, in the late 1970s, Berkshire acquired an equity stake in the Government Employees Insurance Company (GEICO).” He continued, “Now I am no Warren Buffet, however, this is the right thing to do for Auscrete Corporation to accelerate its main focus growth, which is Affordable, Efficient and Green Housing starting with construction plants in Oregon, Texas and Jamaica.”
Mr. Sprovieri provided executive insight to the plans, “While some corporate acquisitions can hurt the acquiring company, this is not the case here. Auscrete is a clean, responsible corporation where both sides win. The acquisitions will be accomplished through a restricted stock disbursement. This is all I can release, presently.”
In a separate acquisition target, Mr. Sprovieri announced, “Additionally, we are very close to an acquisition of a resort and spa in the Poconos, which can’t be named presently. However, it is close to a very high profile and prestigious golf course. The AAA approval rated operating resort already has an established client base in place.”
A company spokesperson stated that though it may look as though Auscrete is journeying into new industries, it is not far removed from core competencies in property asset development. The Poconos resort will parallel Auscrete’s projected $135 million housing development on the sunny beaches of Jamaica, between Montego Bay and Negril. The company spokesperson indicated that Auscrete will always be open to promising opportunities to leverage its experience in green, luxury and affordable property development into select projects that promise significant returns to the company and its shareholders, and the spokesperson indicated that executives view the emerging Pocono project in that category.
All the above assets with their respective revenues will continue with their successful management teams to avoid any disruption and continue to build on the groundwork and execution already in process
Mr. Sprovieri emphasized, “Affordable, Efficient and Green Housing for way too long has been an oxymoron. Auscrete Corporation has developed the tangible technology to take it to the masses, and they are the ones that really need it the most. By making the largest asset in their lives, more affordable, more efficient and more Green leads to improvement in the quality of their lives. It enables so many other opportunities for them, many of which are currently unaffordable and out of reach. We always have this mission in mind when we weigh strategic options to make Auscrete stronger moving forward. We feel that these emerging opportunities accomplish exactly that, with purposeful outcomes in sight.”
Auscrete Corporation’s concrete-based hybrid building products won’t burn, are impervious to mold and insect infestation, have high sound attenuation qualities and have very low maintenance needs. These homes have a life expectancy, not in years or decades, but in centuries. The corporation has an active but fiscally-responsible acquisition strategy as part of its ongoing income stream vitality.
Safe Harbor: Statements in this press release may constitute forward looking statements and are subject to risks and uncertainties. As like all investments, the company’s future capital needs could be affected, the lack of market demand for any new or enhanced projects the company may develop. The actual results may differ materially from those in this press release. The company disclaims any obligation to update any statements contained in this press release.
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Contact: Auscrete Corporation John Sprovieri / CEO 541 739 8298 - john@auscretehomes.com Lee Odom / 305 853 8404 - eleeodomjr@gmail.com www.auscretehomes.com Big Reach Media Inc. Dale Shirley, President 780-632-6963 dale@bigreachmedia.com www.bigreachmedia.com
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