32,000 More Square Feet Of
Cannabis Grow Space For Sunset Island Group
SAN CLEMENTE, Calif., Sept. 20, 2017 -- SUNSET ISLAND
GROUP, INC. (OTCQB:
SIGO) announced today that the company has reached a
preliminary agreement to acquire an additional 32,000 square feet
of cannabis grow space which includes a 2 year lease with two
5-year renewal options.
CEO T.J. Magallanes stated, "Nothing creates a sense of urgency
like a long term lease, so our entire team will be moving quickly
to meet our own internal projections and to meet demand for
product. We have an excellent team of a little over 20 experienced
people now and additional personnel will be added along the way as
we ramp up production.
Mr. Magallanes continued with, Recently we began development and
growth of an additional six thousand square feet literally within a
few yards of our existing facility. These six thousand square feet
was a small part of a 32,000 square foot facility and as luck would
have it, the original occupants have decided to step away and the
opportunity was too great for us to pass up, so we have agreed to
acquire the 32,000 square feet from the original occupants. All of
it will be used for grow space.
Mr. Magallanes also stated, Our original 22,000 square foot
facility is comprised of 10,000 square feet of grow space and
12,000 square feet for drying, trimming, etc. Once fully developed,
these two facilities combined will encompass 54,000 square feet,
42,000 of which will be strictly grow space and the remaining
12,000 will be used strictly for prep. Our goal for phase one of
expansion remains 152,000 square feet of greenhouse space and this
strategic move is a step that gets us to that point much faster
than originally anticipated.
Mr. Magallanes went on to say, "We continue to have the same or
similar questions asked via phone calls and emails, so let me once
again cover a few of the most recent questions and answers. As of
today, we currently have 4,671,771 shares outstanding. Yes, revenue
from cannabis clones is a very real opportunity for us and as we
ramp up, clone revenue alone could be in the millions of dollars by
this time next year. Yes, we continue to believe that $200 per
square foot of grow space annually is a very conservative, but
realistic expectation going forward. Yes, we have the funding
necessary for expansion and no, neither Valerie or I will take any
salary going forward; only monthly dividend payments, the same as
our shareholders. Yes, officer shares are in fact locked up for
three years minimum as they convert three years from conversion
date, but we dont have any real reason to ever convert those shares
because as weve shared before, we are building this business to
become an attractive acquisition target and whether that takes two
years, three years or five, our shares are more about maintaining
majority ownership than anything else. And finally, no, we do not
have any significant debt as a company and we plan to keep it that
way for the very same reasons.
Mr. Magallanes finished up with, We want to thank those who took
the time to visit our facility this past weekend. We enjoyed seeing
a lot of you and we look forward to the next one that will be held
in October. As always, we thank you for support.
https://www.sunsetislandgroup.com/
https://www.sunsetislandgroup.com/pictures-from-shareholder-event
http://www.mapalagro.com/site/en/pages/homepage.asp
Notice Regarding Forward-Looking Statements in this press
release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Actual results
could differ from those projected in any forward-looking statements
due to numerous factors. These forward-looking statements are made
as of the date of this news release, and we assume no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although we believe that any beliefs,
plans, expectations and intentions contained in this press release
are reasonable, there can be no assurance that any such beliefs,
plans, expectations or intentions will prove to be accurate.
Contact: Valerie Baugher, info@sunsetislandgroup.com, 424-239-6230