NNCO -news
NANNACO Joint Venture With Innovation Energy and Technology, LLC Moves Forward [DCDJWZV]
/FROM PR NEWSWIRE DALLAS 888-776-3971/
TO BUSINESS EDITOR:
NANNACO Joint Venture With Innovation Energy and Technology, LLC Moves Forward
SAN ANTONIO, Dec. 4 /PRNewswire-FirstCall/ -- Today NANNACO, INC.
(OTC Bulletin Board: NNCO) announced a major move forward in its project
development joint venture effort with Innovation Energy and Technology, LLC
(IE&T). NANNACO's president and CEO, Andrew DeVries, III stated that today a
memorandum of understanding with Milestone Developments, L.L.C. makes
available up to $500 MM in collateralized debt instruments. In the same
statement, DeVries announced the ability to assign guarantors for the
collateralized debt instrument through an additional agreement with a New York
based investment bank. Upon closing, proceeds from this structured financing
will be used to fund development efforts of IE&T's alternative fuel project.
"We had recently changed our business strategy to focus on joint venture
production work with developing stage companies. We believe joint venture
partners like IE & T will become model examples of our ability to identify an
opportunity, and then leverage existing resources and expertise for the
benefit of our partners and shareholders. We expect that, upon closing, our
implementation of this structured finance solution for development stage
companies like IE & T will peak the interest of developing and growing
companies, lenders, both private and institutional, investment bankers, and
other funding sources. In my opinion this achievement may begin a process of
redefinition in the current methods for using collateralized debt instruments
for non-traditional project finance," said DeVries.
This announcement came on the heels of NNCO's continued consulting and JV
agreement with IE&T, whereby a strategic plan for bridge funding, the
guaranteed debt instrument, and corporate structure with investor exit
strategies were formulated utilizing the NANNACO's personnel and resources.
IE&T's marketing director Allen Mullins said, "It is apparent that Andrew,
a long time colleague, has identified a source of funding that is unique and
of truly grand scope. This, combined with NANNACO's network of logistical
service providers, instills in us an unparalleled confidence in the success of
this joint venture."
Statements in this news release that are not historical facts, including
statements about plans and expectations regarding products and opportunities,
demand and acceptance of new or existing products, capital resources and
future financial results are forward-looking. Forward-looking statements
involve risks and uncertainties, which may cause the Company's actual results
in future periods to differ materially from those expressed. These
uncertainties and risks include changing consumer preferences, lack of success
of new products, loss of the Company's customers, competition and other
factors discussed from time to time in the Company's filings with the
Securities and Exchange Commission.
For further information, please contact Andrew DeVries, III at
(210) 545-3570, or send correspondence to 2935 Thousand Oaks, #6-261, San
Antonio, TX 78247.
SOURCE NANNACO, Inc.
/CONTACT: Andrew DeVries, III of NANNACO, Inc., +1-210-545-3570/
This is not a reco to buy! Please do your DD!
