DORAL, FL -
(NewMediaWire) - June 25, 2015 -
On June 23, 2015, In Ovations Holdings (OTC PINK: INOH) and 2 Lisa Court Corporation executed a
formal Purchase and Sale Agreement for the purchase and
rehabilitation of the Meridian Mid Continent Tank Farm and Terminal
(hereinafter "Tank Farm") located in Meridian,
Mississippi. The Tank Farm is situated to store over seven
point five million gallons (7,500,000) of refinery product and,
after rehabilitation, will produce an approximate income in excess
of $1,800,000 per year and possesses a total property/project value
of between $13,000,000 and $14,000,000.
As previously disclosed, 2 Lisa Court Corporation has already
committed to provide up to 50% seller financing to In Ovations
Holdings on the approximately 20 acre site. Additional
financing is expected to come from private offerings and a
traditional bank-financed real estate loan.
"With the announcement of entry into a formal purchase contract
related to this exciting project, which is consistent with our
continued redevelopment of INOH as a diversified revenue generating
holding company, we renew our commitment to our shareholders to
aggressively continue the restructuring of our Company. The
two on-premise Interstate Pipelines, the Colonial Pipeline
originating in Houston and terminating in the New York City Harbor,
and the Plantation Pipeline originating in Baton Rouge and
connected to terminals in Washington National and Dulles, render
the Tank Farm well-positioned to serve the domestic energy
industry, which continues to realize significant growth," said In
Ovations CEO, Rosendo Alvarez, III.
Evaluation and remediation reports have already been provided
and reviewed and a plan to bring the site operational is in
place. In Ovations Holdings expects to release details of
future plans for the Tank Farm in the near term.
Finally we are pleased to announce that the Company has welcomed
Mr. Ted Doukas to its Board of Directors. Mr. Doukas is a
recognized corporate turn-around specialist and the Company looks
forward to receiving his input and expert advice. More
information can be found at: http://www.teddoukas.net. Additional Board and
Officer announcements are expected to be made in the near term.
In Ovations Holdings, Inc.
"Safe Harbor Statement" Under The Private Securities Litigation
Reform Act of 1995: The statements in this presentation that relate
to the Company's expectations with regard to the future impact on
the Company's results from new products in development are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The results anticipated
by any or all of these forward-looking statements may not occur.
Additional risks and uncertainties are set forth in the Company's
Annual Report for the year ended June 30, 2013, and the Company's
Quarterly Report for the first quarter ended September 30, 2013.
The Company undertakes no obligation to publicly release the result
of any revisions to these forward-looking statements that may be
made to reflect events or circumstances after the date hereof, or
to reflect the occurrence of unanticipated events or changes in the
Company's plans or expectations.