Syndication Inc. Subsidiary Board Narrows Options on Terms and Site Location of Sentinel Renewable Energy S.C.
September 21 2010 - 7:27AM
Syndication Inc., (Pink Sheets:SYNJ), announced that the Board of
Directors has narrowed the many options of qualified warehouse
plant locations down to four. Each meets the OSHA and minimum 30ft
height x 25,000 square foot project requirements and is priced at
about $150,000. However, the Board is exhausting all efforts to
negotiate the terms on one of the properties that is priced
considerably higher but, offers unique leverage. It is a 7 acre
property that has four independent 25,000 sq. ft. qualified
warehouses on site. Of which two of the warehouses are currently
leased for storage on a month to month bases by a regional sized
food company. It is the intent of the Board to convert the existing
agreement from month to month to a long term 5 year lease that is
bankable and can be collateralized under traditional banking
requisites. This property is listed at approximately $500K and
would demand a substantial commitment of the Company's present
available capital assets.
However, the positive income flow generated by the transaction
would neutralize the cost of hundreds of thousands of dollars in
loans for working capital. Discussions with a number of local banks
have lead us to understand that the appraised value of the asset
coupled with 5 years of guaranteed lease revenue and the fact that
they would score the tenant as financially strong, would rate the
property, for the purposes of loan consideration, in a category of
B+ to A-. This property is the top choice of the Board. However,
any of the remaining 3 alternatives will meet the requirements of
the project and we are prepared to move forward but, not before
exhausting the prospects of closing on our top pick. It's more
complicated and may take more time but, in the name of corporate
prudence, it must be done. Our decision will be based largely on
the action of the leasing party and we cannot control the timing of
their response. Please note, "I am willing to be patient but only
to a certain extent. We are being pursued aggressively by many
business citizens of South Carolina and opportunity is being
dropped at our door step virtually every day. It's a great place to
be and it's become blatantly clear that the more patient I become
the more leverage I garnish. This community is desperate and
willing to do just about anything to attract investors. In my
opinion the delays of last year's developments have inadvertently
put the Company in the best negotiating position of its project
history," said the CEO of Syndication Inc.
The Board remains resolute to the execution of our business plan
and the belief in our future. The pursuit of the alternative energy
market is still in its embryonic stage and South Carolina is one of
its frontiers. The State is poor and starving for corporate capital
investment. We are cash rich and making accommodations to accept an
additional million dollar investment. South Carolina is
aggressively courting Syndication/SRE S.C. as a player in their
business community. We are using their economic dearth as leverage
to convert our business plan from chalk board to practical
application. "I am excited and proceeding with cautious but,
specific intent," said the CEO of Syndication Inc. Over the next
couple of weeks the Company expects to release details on the
warehouse purchase, legal issues related to the $5 million dollar
loan escrow, both dividends and the identity and final terms on the
Company purchasing the stake of SRE S.C. News is pending but, will
be released as it develops.
This press release may contain forward-looking statements
covered within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to,
among other things, plans and timing for the introduction or
enhancement of our services and products, statements about future
market conditions, supply and demand conditions, and other
expectations, intentions and plans contained in this press release
that are not historical fact and involve risks and uncertainties.
Our expectations regarding future revenues depend upon our ability
to develop and supply products, which we may not produce today and
that meet defined specifications. When used in this press release,
the words "plan," "expect," "believe," and similar expressions
generally identify forward-looking statements. These statements
reflect our current expectations. They are subject to a number of
risks and uncertainties, including, but not limited to, changes in
technology and changes in pervasive markets.
CONTACT: Syndication Inc.
Brian Sorrentino
888-422-5515
Box 503
Damascus, MD 20872
Day Tradexchange (CE) (USOTC:SYNJ)
Historical Stock Chart
From Sep 2024 to Oct 2024
Day Tradexchange (CE) (USOTC:SYNJ)
Historical Stock Chart
From Oct 2023 to Oct 2024