LOS ANGELES, Jan. 14, 2014 /PRNewswire/ -- Today, Leone Asset
Management, Inc., (Pink Sheets: LEON) announced it has signed an
MOU to acquire the managerial and operational control of an
operating 89.4 acre Granite Quarry in Sierra Leone.
Leone Asset intends to complete all final due diligence and
complete the acquisition within 10 days. At the time of
completion, Leone Assets subsidiary, The Tosh Group, Ltd., will
gain operational control of the Government appraised asset of over
25 million tons of Granite with a local value of over $800m U.S dollars. Tosh will receive 75% of
the net profits from the operation. Tosh will be deploying
the necessary equipment and managerial expertise to the site and
will begin marketing the mined product in the first quarter of
2014.
Tony Khodadad, President of Leone
Asset stated, "currently, the local government and large scale
businesses in Sierra Leone and
surrounding countries have placed a large demand on the product as
the need for infrastructure growth continues to rise. In my
opinion, to be at the forefront of infrastructure development in
these fast growing West African countries is the place to be and I
look forward to processing and sourcing the enormous reserve at our
disposal."
Khodadad continued in saying, "With our goal to be the best in
the space that we operate in, we have sold our investment advisory
division, JP Anderson, to focus on the development of our mining
and agricultural assets. We expect to see additional
acquisitions in this space over the coming months."
About Leone Asset Management
Leone Asset Management,
Inc., is a U.S. corporation headquartered in Los Angeles, Ca. Sierra Leone
subsidiary, Leone Asset Management, Ltd., operates as a Government
contractor as well as owning and operating a group of diversified
subsidiaries that provide real estate and development advice,
mining and export as well as agriculture development. For
additional information, visit: www.leoneasset.com.
Forward-Looking Statements Disclosure:
This press
release may contain "forward-looking statements" within the meaning
of the federal securities laws. In this context, forward looking
statements may address the Company's expected future business and
financial performance, and often contain words such as
"anticipates," "believes," "estimates," "expects," "intends,"
"plans," "seeks," "will" and other terms with similar meaning.
These forward-looking statements by their nature address matters
that are, to different degrees, uncertain. Although the Company
believes that the assumptions upon which its forward-looking
statements are based are reasonable, it can provide no assurances
that these assumptions will prove to be correct. All
forward-looking statements in this press release are expressly
qualified by such cautionary statements, risk, and uncertainties,
and by reference to the underlying assumptions.
SOURCE Leone Asset Management, Inc.
