ValueRich Subsidiary Acquires Certain Assets of the Tesoro Preserve Development
Jan 22, 2010 10:53:00 AM
Copyright Business Wire 2010
WEST PALM BEACH, Fla.--(BUSINESS WIRE)-- ValueRich, Inc. (NYSE Amex: IVA) announced today that VR Preserve Development, LLC ("VR Preserve"), our wholly owned subsidiary, acquired certain assets related to the Tesoro Preserve Development located in Port St. Lucie, Florida ("the Development"). The Tesoro Preserve Development is a private 341-acre community with 440 individual home sites of real property located on the St. Lucie River in St. Lucie County, Florida.
Included in the asset purchase was six (6) waterfront single-family residential lots, seventy-six (76) single family residential lots, approximately seven (7) acre commercially zoned parcel, and certain related Appurtenances, Improvements, Personal Property, Intangible Property, Assigned Agreements, Leases, Interests as Declarant under the Master Declaration, and Association Rights.
VR Preserve will become the Declarant of the Tesoro Preserve Development. As the Declarant of the development, the Company has the right to require homebuilders to enter into Developer's Homebuilding Royalty Agreements entitling the Company to certain development fees. As consideration for the acquisition, the Company paid $250,000 in cash. As additional consideration for the purchase, the Company entered into a Development Agreement under which it agreed to complete certain development work including construction of a social club, swimming pool and tennis courts. As required by the Development Agreement, VR Preserve deposited approximately $1,400,000 with an escrow agent representing the estimated costs to complete the work under the Development Agreement. The funds were lent to VR Preserve from ValueRich, Inc.
"I realize the purchase of the Tesoro Preserve assets is a shift in our business strategy, but the fact is that the financial structure in our country has changed, business strategies have shifted and our economy has new rules. There was over $30,000,000 worth of infrastructure put into The Tesoro Preserve Project by the original developer and this deal could only take place in the environment we are currently in. We are hopeful that we can integrate our media and production facilities into this deal to better market and communicate the story. The Tesoro Preserve development is a large project that has many moving parts, we believe that the development will yield years of results for our shareholders," said Joseph Visconti, CEO of ValueRich, Inc.
About ValueRich, Inc.
ValueRich, Inc. operates online media-based properties for corporate and financial professionals, it also has acquired certain assets of The Tesoro Preserve Development through VR Preserve Development, LLC, a wholly owned subsidiary of ValueRich, Inc. The Company's corporate mission is to utilize its assets to create shareholder value.
This press release contains statements, which may constitute ``forward-looking statements'' within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of ValueRich, Inc. And members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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