ValueRich Substantially Increases Its Cash Position
July 16 2010 - 2:56PM
Business Wire
ValueRich, Inc. (NYSE Amex: IVA) announced today that the
Company has substantially increased its cash position due to the
sale of one of its single-family home lots and also the release of
funds back to ValueRich that secured a performance bond to satisfy
an outstanding wetland mitigation issue with the South Florida
Water Management District. The finished lot was sold for $300,000
and was one (1) of eighty-two (82) single-family home lots
ValueRich acquired with its original purchase of the Tesoro
Preserve Development assets. ValueRich also received approximately
$540,000 in funds released from an escrow account that was held to
guarantee the resolution of an outstanding wetland mitigation issue
located within the Tesoro Preserve Development that was not
satisfied by the original developer. ValueRich engaged Culpepper
and Terpening, Inc. and RL Weigt Environmental Consultants to
complete the engineering and environmental work and the Company
purchased 3.3 off site wetland mitigation credits from Bluefield
Ranch Mitigation Bank in order to bring the Tesoro Preserve
development into regulatory compliance with the South Florida Water
Management District.
“Adding over $750,000 in cash to our balance sheet gives us the
ability to continue investing in undervalued real estate. We
continue to further develop our relationships with the banks that
hold a substantial portion of the non-performing notes and assets
associated with the real estate in Tesoro Preserve. This infusion
of cash should provide ValueRich with the funding needed to buy
additional finished single family home lots at favorable prices,”
said Joseph Visconti, president and CEO of ValueRich, Inc.
About ValueRich, Inc.
ValueRich is engaged in the Investment, development and
management of real estate assets located in Port St. Lucie,
Florida. In early January of 2010 ValueRich and its wholly owned
subsidiaries acquired Tesoro Preserve Development assets located in
Port St. Lucie, Florida. The Tesoro Preserve Development is a
private 350-acre community with 440 individual home sites. Included
in the asset purchase was six (6) waterfront single-family
residential lots, seventy-six (76) single family residential lots,
approximately seven (7) acres of commercially zoned land adjacent
to the residential community and certain improvements, personal
property, intangible Property, development rights, and a builder’s
royalty program.
This press release contains statements, which may constitute
``forward-looking statements'' within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995.
The forward-looking statements are based on current
expectations, estimates and projections made by management. The
Company intends for the forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements. Words
such as "anticipates," "expects," "intends," "plans," "believes,"
"seeks," "estimates," or variations of such words are intended to
identify such forward-looking statements. The forward-looking
statements contained in this press release include, statements
regarding our ability to engage in future real estate purchases.
All forward-looking statements in this press release are made as of
the date of this press release, and the Company assumes no
obligation to update these forward-looking statements other than as
required by law. Changing markets and various factors could make it
more difficult to purchase property at favorable prices and the
risk factors discussed in our Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. Copies of these filings are available at www.sec.gov.
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