ValueRich Substantially Increases Its Cash Position
Date : 07/16/2010 @ 2:56PM
Source : Business Wire
Stock : ValueRich, Inc. (IVA)
Quote : 0.19 -0.01 (-5.00%) @ 2:43PM
ValueRich, Inc. (NYSE Amex: IVA) announced today that the Company has substantially increased its cash position due to the sale of one of its single-family home lots and also the release of funds back to ValueRich that secured a performance bond to satisfy an outstanding wetland mitigation issue with the South Florida Water Management District. The finished lot was sold for $300,000 and was one (1) of eighty-two (82) single-family home lots ValueRich acquired with its original purchase of the Tesoro Preserve Development assets. ValueRich also received approximately $540,000 in funds released from an escrow account that was held to guarantee the resolution of an outstanding wetland mitigation issue located within the Tesoro Preserve Development that was not satisfied by the original developer. ValueRich engaged Culpepper and Terpening, Inc. and RL Weigt Environmental Consultants to complete the engineering and environmental work and the Company purchased 3.3 off site wetland mitigation credits from Bluefield Ranch Mitigation Bank in order to bring the Tesoro Preserve development into regulatory compliance with the South Florida Water Management District.
“Adding over $750,000 in cash to our balance sheet gives us the ability to continue investing in undervalued real estate. We continue to further develop our relationships with the banks that hold a substantial portion of the non-performing notes and assets associated with the real estate in Tesoro Preserve. This infusion of cash should provide ValueRich with the funding needed to buy additional finished single family home lots at favorable prices,” said Joseph Visconti, president and CEO of ValueRich, Inc.
About ValueRich, Inc.
ValueRich is engaged in the Investment, development and management of real estate assets located in Port St. Lucie, Florida. In early January of 2010 ValueRich and its wholly owned subsidiaries acquired Tesoro Preserve Development assets located in Port St. Lucie, Florida. The Tesoro Preserve Development is a private 350-acre community with 440 individual home sites. Included in the asset purchase was six (6) waterfront single-family residential lots, seventy-six (76) single family residential lots, approximately seven (7) acres of commercially zoned land adjacent to the residential community and certain improvements, personal property, intangible Property, development rights, and a builder’s royalty program.
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.
The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include, statements regarding our ability to engage in future real estate purchases. All forward-looking statements in this press release are made as of the date of this press release, and the Company assumes no obligation to update these forward-looking statements other than as required by law. Changing markets and various factors could make it more difficult to purchase property at favorable prices and the risk factors discussed in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings are available at www.sec.gov.
