FORT LAUDERDALE, Fla., May 14, 2022 /PRNewswire/ -- Publicly held JV Group, Inc. (OTC MARKETS: ASZP) announces the signing of a definitive agreement to purchase real estate property held by Abraxas Corporation with an estimated fair market value (FMV) of $5.5 million USD.
Under the terms of the agreement, which was unanimously approved by the board of directors of both companies, JV Group will purchase Abraxas's real estate portfolio as part of the initial acquisition of the Casamora Resort group of assets. In connection with this transaction, Abraxas Corporation shareholders agree to accept a portion of the purchase price in shares of JV Group at market price on the date of the updated appraisal.
JV Group's purchase of Abraxas's real estate assets are subject to customary closing conditions and is expected to close in the current Quarter. This acquisition will provide an immediate revenue stream and will provide significantly to the company's asset base, adding an estimated 8 residential units and a commercial complex that is expected to include a premiere health and wellness spa, a fully-serviced flexible co-working lounge and a private social club with roof top patio, into the company's planned rental and development portfolio.
As the first planned acquisition in the Country of Belize, management believes that these Casamora Resort assets fit perfectly with the company's strategy of creating a robust network of residential enclave communities in the Caribbean.
JV Group Inc. is a real estate investment and management company focused on creating value through targeting and acquisition of undervalued operating and shovel ready residential resort properties, development, and rebranding under the "Awaysis" Brand to create a network of residential resort enclave communities in desirable global travel destinations that will optimize both sales and rental revenues and provide attractive returns to owners and exceptional vacation experiences to travelers.
Statements in this press release that are not historical fact may be deemed forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "would" or "continue" or the negative of these terms or other similar expressions. Although JV Group, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, they involve numerous risks and uncertainties and JV Group, Inc. is unable to give any assurance that its expectations will be attained. Factors or events that could cause actual results to differ may emerge, and it is not possible to predict all of them. Our plans and objectives are based, in part, on assumptions and judgments with respect to, among other things, the successful roll-out of our business plan, including the acquisition, integration and operation of resort and residential enclave communities in Belize; our success in raising capital for operations and to implement our business plan, strategy and initiatives; projections of growth, revenues and profitability; our ability to address or manage local concerns in Belize; our expectations regarding the impact of general economic conditions on our proposed business; and the effects of the COVID-19 pandemic on the global and national economies and on our business operations and financial results; and our ability to satisfy Nasdaq listing requirements and otherwise uplist to Nasdaq. Our assumptions used for the purposes of the forward-looking statements represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance or our achievements, or industry results, to differ materially from historical results, any future results, or performance or achievements expressed or implied by such forward-looking statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this press release. Important factors that could cause our actual results to differ materially from those expressed as forward-looking statements are set forth in certain of our filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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SOURCE JV Group, Inc.