News: Friday, October 22 2010 12:52 PM, EST 8000inc (EIGH.pk) has taken the next step to finalize the acquisition of wholly owned subsidiary Southbridge Development Group Inc (SDG) and expand its Property Division PR Newswire "Press Releases US - English "
MANASSAS, VA , Oct. 22 /PRNewswire/ - As part of its investment strategy, 8000inc will provide through restricted stock the first traunch in the initial $1.5M working capital for this subsidiary project to begin its site development. SDG is in the final stages of signing a lease-purchase agreement for a four-star hotel/convention/training center and an industrial park that has a total of 1.2 million square feet of facilities.
Larry Mathews , CEO Southbridge Development Group , stated, "This is great news for us as a group and at last we are now able to put in place the plans to deliver this important project to the community and to hopefully make a difference."
The SDG project not only has training and industrial facilities, it also has its own power plant and transportation facilities to service a wide variety of business initiatives. The power plant may prove to be a very useful facility, especially in a future constrained energy environment. In addition, the Southbridge area has a robust manufacturing culture, a talented and motivated workforce, and is strategically located in the Northeast metropolitan corridor. SDG's negotiated joint venture arrangement with a foreign investor visa program for educational services, real estate development and manufacturing will provide thousands of jobs in Southbridge and the Commonwealth of Massachusetts . Investors in Asia , India and the Middle East have expressed interest in this SDG project.
Thomas Kelly , CEO of 8000inc commented, "I am pleased that we are now able to commence with this project. It offers real help and opportunity to the locality, veterans and businesses. Politically, we believe this project will have far reaching implications and will be replicated. This final step was driven by the company's decision to acquire businesses in the construction and allied industries. In line with the site for the corporate Headquarters and Sporting Centre of Excellence and the Southbridge site, the Board felt it was sensible to acquire operations within the construction industry to develop these sites and to maintain its managed property portfolio. 24/7 access to construction contractors from within the group is now available with the fess for these services now retained within the group increasing profitability, and more importantly control. This strategic step provides the perfect vehicle to expand the Group across the Caribbean through established companies without the necessary start-up requirements and costs."
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. The words "estimate," "project," "intends," "expects," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbour" provisions of the Private Securities Litigation Reform Act of 1995. For a more complete description of these and other risk factors that may affect the future performance of 8000 Inc. see "Risk Factors" in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission . Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
SOURCE 8000inc
AI
