ValueRich Subsidiary Acquires Certain Assets of the Tesoro Preserve Development
January 22 2010 - 9:53AM
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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