c7, there's been nothing shown to prove the Dimyat deal is dead. I can't find anywhere that shows how the balance of the funding for it was to be done. As I HAVE shown, the WIEC funding does NOT mention the Dimyat.
Neither is it addressed in the recent Sareholder Update.
To Our Loyal Shareholders:
As we enter month six of the aggressive building and acquisition campaign for the new TransGlobal Assets, I would like to recap our progress to date and highlight the full-court press we’ve conducted to establish this company as a premier, multi-sector holding company with strategic worldwide assets.
1ST QUARTER
During first quarter 2011, we focused on establishing essential operations for the new company and reviewing and contracting projects.
We moved the Company’s headquarters from Nevada to Oregon, conducted our first annual shareholder meeting on February 28, and constructed an interim website for the name change/mission transition followed by launching a brand new permanent website to represent the new company. We also actively initiated many SEC filings and public announcements to instill confidence in shareholders of our intentions to be a fully transparent and SEC compliant company. Additionally, we made considerable effort aligning ourselves with both domestic and international strategic business partners to assist us with specific areas of expertise. And finally, we initiated several acquisitions from among the multiple dozens of outstanding US and international projects brought to us for consideration.
2ND QUARTER
During second quarter 2011, we entered due diligence phases on several projects and began aggressively pursuing financing for the select and diverse projects we initially targeted.
We are delighted that our full-court press is already paying off with the recently announced signing with Kodiak Capital Group LLC for $2 Million US dollars to support the manufacturing of our exclusive portable Biomass Waste-2-Energy Systems developed by JV engineering partner, Helios Inc. of India. We anticipate completing the steps necessary to file this S-1 with the SEC within the next few weeks.
Just as important to securing financing for the Biomass production was the recent announcement that Helios Inc. engineers adapted our Biomass System to now process nearly all types of waste. This revolutionary design modification is expected to increase Company revenues exponentially by allowing a broad range of industries, beyond municipal landfills, to use our portable systems to manage their waste materials and generate clean, affordable electricity at the same time.
As noted in the Company’s first quarter report, TransGlobal Assets secured a 5 Million Euro ($7M dollar) bank loan with a reputable Bulgarian bank through its strategic alliance with Bulgarian company WIEC. The loan is dedicated to the development of a Bulgarian-based renewable energy project, about which details will be formally announced in the coming weeks.
Three additional Bulgarian projects currently under contract - the Grand Hotel Dimyat, the White Lagoon Resort Development and the 60 MW Solar Park – and the progressive Senior Community in China are still under review and consideration by several large-scale financing institutions. The Company will provide updates on any major developments with these projects as soon as they occur.
While the Company has focused its initial acquisitions largely in southeastern Europe, we continue to review potential acquisition in other parts of Europe, Asia and the United States. On behalf of the Board of Directors, we look forward to announcing new projects and exciting developments with current acquisitions as soon as possible.
Sincerely,
Kent Strickler
President & CEO
This is the only pr on the Dimyat purchase. Nothing other than the down payment is mentioned.
TIMESHARE HOLDINGS, INC., SIGNS PURCHASE AGREEMENT FOR
5-STAR HOTEL IN VARNA, BULGARIA
LAS VEGAS, NV – (Marketwire -2-01-11) – TimeShare Holdings, Inc., (OTC.QB: TMSH), („TMSH?; „The Company?), is pleased to announce that The Company has signed a purchase agreement to acquire the award-winning Grand Hotel Dimyat, located on the northern Bulgarian coast of the Black Sea in Varna, Bulgaria. The Company will be providing a down payment of 10 million shares of TMSH common stock, which will be restricted for a period of one (1) year per the agreement. Pursuant to the purchase agreement, the Seller has agreed to accept the current value of the shares at $1 USD per share. The $10M value will be applied to the total purchase price of the $28M.
The hotel will operate as a wholly-owned subsidiary of TimeShare Holdings, Inc., and operate under the management of the previous owner, under a five-year renewable management services contract.
The Grand Hotel Dimyat is classified as a 5-Star hotel property. It is also considered the most competitive, complete and sophisticated combination business hotel/business complex in the city of Varna and the associated region. The hotel?s location is famous to generations of locals and vacationers alike as the former sight of the well-known establishment, Restaurant Dimyat. The name Dimyat refers to a grape variety, which thrives in this coastal strip.
Market Value of Principle Business and Assets:
? An independent assessment was performed by Velinov Consult Ltd establishing the current “Fair Market Value” for the “5-Star Grand Hotel Dimyat” is approximately $43.8M USD (32M €).
? Purchase price: $28M USD (20.4M €).
Property highlights include:
? 11 floors with 74 luxury rooms, and a potential for expansion to 86 rooms
? Underground and outdoor patron parking
? 7 floors with 28 Class A office spaces with ample tenant-business parking space
? Spectacular views of the Black Sea
? Conference and banquet facilities
? Business Center
? Panoramic VIP restaurant (120 seats) & Main Restaurant (120 seats)
? Spa & Recreation Center: pool, fitness, massage, sauna, steam, showers, hydro massage bath
? 24-hour security
? 24-hour room service
? Small Casino
? Lobby bar (80seats)
? Free wireless throughout
? Breakfast provided
? Located near the Seaside Gardens attraction and a 5 minute walk to the beach
Business Awards:
? Best Five Star hotel in Balkans 2009
? Best Five Star city hotel in Bulgaria 2009 – award by the Bulgarian Hotel and Restaurant Association
? Nomination in the category city “City hotels” in the national contest “Building of the year”
? Golden Plumb award 2009 – award for Komfort, given by the Bulgarian Construction Chamber
? First award in the exhibition “Architectural Saloon 2009” given to Grand Hotel Dimyat?s architect, Natalia Liuzkanova
? “Cook of the year” 2009 - Petar Yorgov, deputy chef
? Golden medal with the national cuisine team at the international festival in Constanca, October 2009 – Toni Ivanov, chef
? Second place in the category “Modern Dish” 2008 – award by the Bulgarian Association of Professional Cooks
? Two bronze medals at the International Culinary Olympics in Erfurt, Germany, 2008 - Toni Ivanov, chef
? First place in the Culinary Contest “Litorale Flegreo nel Mondo,” Neapol, Italy, July 2007 - Toni Ivanov, chef
Property Address:
Grand Hotel Dimyat
11 Kniaz Boris 1 Blvd. Varna, 9002 Bulgaria
www.grandhoteldimyat.com
General Inquiries:
Paul Thompson, Vice President, Investor Relations
Timeshare Holdings, Inc. – USA
pthompson@tmshglobal.com
AI
