SearchCore Sells www.ManufacturedHomes.com for $1M; Now Purely Focused on Manufactured Housing Retail Centers Through Wisdom ...
May 28 2014 - 9:00AM
SearchCore, Inc. (OTCQX: SRER), a manufactured
housing retail center owner and operator, announces the sale of the
www.ManufacturedHomes.com domain name, software and related
properties for $1,000,000.
As part of the transaction of the sale of
www.ManufacturedHomes.com the company will receive a secured
promissory note equaling $1,000,000, and an unlimited number of
premiere subscription packages for its retail centers on
www.ManufacturedHomes.com. The company also assigned approximately
$150,000 worth of debt to the buyer, and decreased its overhead
expenses by approximately $30,000 a month.
The sale of manufacturedhomes.com confirms the company's
objective of exiting the finder site business and focusing its
resources on opening and operating manufactured home retail
centers. The company recently opened 3 manufactured home retail
centers in Texas, and anticipates having a total of 6 locations
before the end of the year. The company completed its first
manufactured home sale recently, and has twenty five pending
transactions in various stages in its pipeline at its locations.
The Company is continuing to look for acquisition targets, or site
locations, for manufactured home retail locations throughout the
Midwest.
The company's retail centers are operated under the name Wisdom
Homes Of America, Inc. and are managed by President Brent Nelms, a
30 year veteran of the manufactured housing industry. Among other
accomplishments, Mr. Nelms was previously responsible for
overseeing 33 manufactured home retail centers generating over $100
million in annual revenue.
CEO James Pakulis states, "Our management team has successfully
operated retail centers with over $100 million in revenue, and the
real estate market is very favorable for the manufactured home
sector, especially in the Midwest, where we're located. The quality
and aesthetics of manufactured houses, compared to just ten years
ago, is dramatically better. Combining that with affordability and
an increase in financing options leads us to believe there's going
to continue and be a growing interest in manufactured homes
throughout the U.S. over the next three to five years, and we're
planning on being well positioned for that growth."
About SearchCore, Inc. SearchCore, Inc. is a
manufactured housing retail center owner and operator. Founded in
2010, SearchCore is headquartered in Tyler, Texas. The Company's
common stock trades on the OTC
Market's highest tier, OTCQX, under the ticker symbol "SRER."
www.SearchCore.com
Safe Harbor Notice Certain statements contained
herein are "forward-looking statements" (as defined in the Private
Securities Litigation Reform Act of 1995). SearchCore, Inc.
cautions that statements made in this news release constitute
forward-looking statements and makes no guarantee of future
performance. Forward-looking statements are based on estimates and
opinions of management at the time statements are made. These
statements may address issues that involve significant risks,
uncertainties, estimates and assumptions made by management. Actual
results could differ materially from current projections or implied
results. SearchCore, Inc. undertakes no obligation to revise these
statements following the date of this news release.
CONTACT: Company Contact
SearchCore, Inc.
(855) 266-4663
info@searchcore.com
Investor Relations Contact
Financial Profiles, Inc.
(206) 623-2233
searchcore@finprofiles.com
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