Wednesday, August 09, 2023 4:36:18 PM
Not only that, Shawn gets a gold star for getting the most out of a single subject over time. He is currently promoting the very same narrative for the very same property purchase starting as far back as November 2021, complete with dates for closing and the "off balance sheet structure". At least then he claimed that they would actually own the property rather than a convoluted off balance sheet lease arrangement to disguise more debt. The actual news on July 17th only generated 42 million in volume and sold 6s. The last two days on more speculative juice about the same subject has generated a volume of 160 million of mostly 5s. Can't make this up. This is why I say Shawn moves at a glacial pace, he has gotten nearly two years out of this same narrative. But it works!
Ethema Releases Third Quarter Results
November 22, 2021
https://www.globenewswire.com/en/news-release/2021/11/23/2339427/0/en/Ethema-Releases-Third-Quarter-Results.html
The Company has also made the decision to move forward with the purchase of the property at 950 Evernia Street, West Palm Beach, Florida. The purchase will be an off-balance sheet structure whereby the Company will be the General Partner in a limited partnership which will use debt and equity from Limited partners as the structure to own the property.
We hope to get the property purchase completed by year-end and work on further expansion once that is done.
Ethema Signs Contract to Purchase Property
July 26, 2022
https://www.globenewswire.com/en/news-release/2022/07/26/2486269/0/en/Ethema-Signs-Contract-to-Purchase-Property.html
has entered into a contract to purchase the property at 950 Evernia Street, West Palm Beach, that its ARIA subsidiary is currently leasing and that is the new address of the Company’s head office.
The Company intends to structure the purchase in an off-balance sheet transaction through a Limited Partnership structure whereby the equity funds required for the purchase will be a direct investment in the property limited partnership.
Mr. Shawn Leon, Company CEO, reported,
Our five-year lease term on the property was not going to give us that control. We have made significant investments in the renovation of the property and those expenditures will now be amortized over a longer term.
Ethema Executes Two Real Estate Transactions and Major Debt Repayment
July 17, 2023 09:34 ET
https://www.globenewswire.com/en/news-release/2023/07/17/2705721/0/en/Ethema-Executes-Two-Real-Estate-Transactions-and-Major-Debt-Repayment.html
First, the Company is pleased to announce that is has signed a binding purchase and sale agreement to sell and leaseback the property located at 950 Evernia Street, West Palm Beach for $8,500,000 contemporaneously with the purchase of the property for $5,500,000. The Company will simultaneously enter into a twenty-year lease on the Property.
Everything that I post is just my informed opinion and is simply an invitation to debate. Trade on your own due diligence please..
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