More importantly, has the property really been for sale since 2016? And, it shows built in 1969. The place really does look very very worn down and might need a ton of work.
On another note, has the early April property purchase agreement (contingent upon financing) expired yet? Not sure those purchase agreements last more than 60-90 days unless extended?
But, then again, the company has not informed shareholders of any details other than being "Alabama land" (no address) and purchase price of 2.95 mil in the 8-K. Company history will tell one not to expect an updated "actual/real" status of the Alabama property purchase agreement for years to come.
I guess it doesn't matter with NO loan in sight and the company's (ceo) "pivot" moving to becoming a reseller/distributor for an unknown Vietnam solar panel manufacturer for next 2 yrs. So much for PT.IDN Solar Tech Sun Pacific Power "branded" solar panels being banged out (working on selling out) per Sun Pacific Power's April 2022 tweet.
SNPW Wholly Owned Subsidiary Elba Power Corp Executes $2.95 Million Property Purchase Contract in Elba, AL for Solar Manufacturing Plant
MANALAPAN, N.J., April 10, 2023 Sun Pacific Holding Corp. (Other OTC: SNPW) announces that its wholly owned subsidiary, Elba Power Corp (“EPC”) has executed its contract to purchase the property in Elba AL for its Solar Manufacturing Property for the sum of $2,950,000. Sun Pacific has also obtained an inducement resolution from the state as well as 100% tax abatement on property sales and use tax.
Nicholas Campanella, CEO of Sun Pacific Holding Corp, stated, “We are happy with our progress and work that we are doing with Elba Alabama and finding a property that will allow us to expand and grow our vision to build a 1.2GW solar products manufacturing and clean power generation plant.”
“We have been working diligently in obtaining our insurance wrap to protect our investment in the project as well as receiving state approvals and executed agreements to proceed with acquiring the 200k Sq. Ft. property.”
Mr. Campanella further added, “The state has approved an inducement resolution for $50 million dollars and a 100% tax abatement on sales and use tax which will save us millions of dollars for our equipment and development. Our insurance wrap allows us to offset the risk for our key funders.”
About Sun Pacific Holding Corp.
Sun Pacific Holding Corp. (Other OTC: SNPW) uses management’s knowledge and experience to serve its customers and now its shareholders through quality service and equipment, working to keep customers satisfied, and by doing our part in protecting the environment with smart green technology. For more information, visit https://www.sunpacificholding.com/ ICYMI
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