Sunstock, Inc. Signs A Letter Of Intent To Acquire A Hotel
01 Maio 2017 - 8:21AM
Marketwired
SACRAMENTO, CA-(Marketwired - May 1, 2017) - Sunstock, Inc. (the
"Company" or "Sunstock") (OTCBB: SSOK) has signed a letter of
intent to acquire a 208 room hotel located in Bakersfield,
California. The hotel purchase price is $7,250,000 and the seller
will finance approximately $5,450,000 at a fixed interest rate of
5% per annum.
Sunstock's business strategy combines income producing real
estate properties with investments in precious metals. The
management team with over 20 years of hospitality industry
experience has identified a distinct need for clean, safe and
affordable rehabilitation housing facilities.
After purchasing the hotel, Sunstock plans to convert it over a
two year period to a no-frills rehabilitation housing facility that
will provide a clean, safe room and transportation to clients
enrolled in a substance abuse treatment program. The hotel will be
converted in phases to a no-frills rehabilitation housing facility
which is estimated to take two years to complete. During this
conversion, Sunstock intends to simultaneously operate as a
hotel.
Sunstock forecasts that the no-frills rehabilitation housing
facility will generate over 10 million dollars in gross revenue in
the first 12 months of operation and over 20 million dollars in
gross revenue in the second 12 months, and thereafter. Also,
Sunstock forecasts that the current hotel guest occupancy will
generate $1,500,000 in gross revenue in the first 12 months of
operation and $1,000,000 in gross revenue in the second 12 months
as it converts 100% to a rehabilitation facility.
Sunstock believes that these revenue predictions are sustainable
and will prove to be a successful pilot project. Management plans
to bring additional no-frills rehabilitation housing facilities to
the California market and eventually expand nationally.
Safe Harbor StatementCertain statements contained in this press
release may be construed as "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995 (the
"Act"). The words "estimate," "project," "intends," "expects,"
"anticipates," "believes" and similar expressions are intended to
identify forward-looking statements. Such forward-looking
statements are made based on management's beliefs, as well as
assumptions made by, and information currently available to,
management pursuant to the "safe-harbor" provisions of the Act.
These statements are subject to certain risks and uncertainties
that may cause actual results to differ materially from those
projected on the basis of these statements. These risks and
uncertainties include, without limitation, our history of losses
and limited revenue, our ability to develop new products and evolve
existing ones. For a more complete description of these and other
risk factors that may affect the future performance of Sunstock,
Inc., see "Risk Factors" in the filings with the Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date made. The Company also undertakes no obligation to
disclose any revision to these forward-looking statements to
reflect events or circumstances after the date made or to reflect
the occurrence of unanticipated events.
Contact:
Mike Lee
Sunstock, Inc.
(916) 849-5507
enquiry@sunstockinc.com
www.sunstockinc.com
Sunstock (QB) (USOTC:SSOK)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Sunstock (QB) (USOTC:SSOK)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024