Sino Cement Inc. Announces Agreement to Purchase Real Estate Assets Valued at $12 Million USD
December 13 2012 - 8:58AM
Marketwired
Sino Cement Inc. (PINKSHEETS: OCEE) has agreed to purchase from a
company controlled by its CEO, Mr. Meier (Mack) Frankel, a
commercial office building valued at $12 Million and located in
Lynbrook, NY. The asset is comprised of an office edifice with
58,469 sq. ft, a cap rate of 9.03%, gross revenue of approximately
$1.6M, and net operating income of $1.08M. Numerous rental
increases will take effect in the next quarter, and a potential for
significant, additional revenue from the lease or sale of the
Company's right to put antennas on the roof.
The purchase price will be paid for by a mortgage assumption in
the approximate amount of $2.3M, a cash consideration of $300,000
payable in installments over the next 60 to 90 days, and the
balance in 470,000 shares of Sino Cement shares issued at $20.00
per share, for a total of $9.4 Million. The closing of the
transaction is expected to take place prior to yearend. In arriving
at the value of the property, the company has relied upon third
party valuations, which have provided an indicated value of $12.75
Million. The Company has recently received an offer of financing
for $7.5 Million, which if consummated will provide substantial
working capital to the Company and supports the purchase price of
the property.
The purchase is part of a series of real estate transactions
being contemplated by the Company which in aggregate will total
approximately $100 Million. The assets are all located within the
greater New York Metropolitan area.
In connection with the above acquisition, Mr. Marco Garduno,
Director of Sino Cement, has agreed to cancel 9.50 Million of the
10 Million share control block that he holds, thereby reducing the
number of outstanding shares by 84.4%. At the closing of the real
estate transaction a portion of the remaining shares owned by Mr.
Garduno are to be transferred to entities controlled or affiliated
with Mainline Land Co. LLC, a company owned by the Chairman of Sino
Cement, Inc., Mr. Meier (Mack) Frankel.
The above transaction(s) is designed to enable Sino Cement to
become a fully operating company with a focus on real estate income
and development.
This news release contains forward-looking statements which
involve known and unknown risks, delays, and uncertainties not
under the Company's control which may cause actual results,
performance or achievements of the Company to be materially
different from the results, performance or expectations implied by
these forward-looking statements.
For more information please contact: Mr. Meier Frankel
1-845-362-2345 Email Contact Or Mr. Marco Garduno Chavez
1-403-830-7125 Email Contact
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