CAVR - News... https://finance.yahoo.com/news/cavu-acquiring-sinacori-builders-expects-150010557.html
CHARLOTTE, N.C., Jan. 21, 2020 (GLOBE NEWSWIRE) -- CAVU Resources (CAVR) is excited to announce a Binding Agreement in Principle has been signed between CAVU Resources CEO Bob Silver and Sinacori Builders President and CEO Russell Sinacori.
CAVU Resources will acquire 100% of Sinacori Builders for a total amount of $4,700,000.00, on very shareowner friendly, Restricted/non-toxic terms.
The acquisition is scheduled to close on or before Friday, February 28th, 2020.
Sinacori Builders has grossed over 30 million dollars in revenue over the past three years with a consistent 20% profit margin year after year.
Without including the kushAMERICA innovative expansion and growth plan fueling this acquisition, Sinacori Builders is projecting over 20 million in gross revenue in 2020 with an increased profit margin.
“Sinacori Builders is so thankful and hopeful in partnering and working with the incredible creative business mind of Bob Silver and CAVU Resources. Our future couldn’t be more exciting,” stated Russell Sinacori, President & CEO of Sinacori Builders (www.sinacoribuilders.com).
“The acquisition of Sinacori Builders will give CAVU Resources proven executive leadership, and an immediate source of income and cash flow. Moreover, we anticipate the near-term completion and strategic launch of our social app SoKu, as we continue to position CAVU as a diversified industry leader. We will be announcing our path forward to include incredible business opportunities, which we believe will provide maximum shareholder value. I would like to thank each and all of you for continued support. I look forward to sharing more in the coming weeks,” said Bob Silver, CEO of CAVU Resources (www.cavuresource.com).
About CAVU Resources and Sinacori Builders
CAVU Resources Inc.'s businesses focus on innovation, technology, development and sustainability capitalizing on the fast growing Cannabis, Hemp & Organic industry.
Sinacori Builders is a fully integrated home building and land development company headquartered in Charlotte, NC. Sinacori Builders have been responsible for building over 150 houses and or townhomes as well as creating over 1200 lots over the past 10 years. The Sinacori Builders team is excited and prepared to use their years of expertise and success to develop and launch new cutting edge and innovative development and building projects focusing on sustainability capitalizing on the explosive Cannabis, Hemp & Organic industry.
To learn more about CAVU Resources and Sinacori Builders, please visit www.cavuresource.com and www.sinacoribuilders.com.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell its products; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and, the Company's business, research, product development, marketing and distribution plans and strategies, including any reports on Form 8-K.