FORT LAUDERDALE, Fla., May 14, 2022 /PRNewswire/ — Publicly traded JV Group, Inc. (OTC MARKETS: ASZP) announces that it has entered into a definitive agreement to purchase properties owned by Abraxas Corporation with an estimated market value (FMV) of $5.5 million.
Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, the JV Group will acquire Abraxas’ real estate portfolio as part of the Casamora Resort Group’s original acquisition of assets. In connection with this transaction, the shareholders of Abraxas Corporation agree to accept a portion of the purchase price in JV Group shares at the market price as of the updated valuation date.
JV Group’s purchase of Abraxas’ real estate assets is subject to customary closing conditions and is expected to close during the current quarter. This acquisition will provide an immediate revenue stream and significantly expand the Company’s asset base by adding an estimated 8 residential units and a commercial complex which is expected to include a world-class health and wellness spa, a flexible full-service co-working lounge and a private Rooftop Social Club, into the Company’s planned rental and development portfolio.
As the first planned acquisition in the country of BelizeManagement believes these Casamora Resort assets are a perfect fit with the Company’s strategy to create a robust network of enclave residential communities in the Caribbean.
About JV Group, Inc.:
JV Group Inc. is a real estate investment and management company focused on creating value through the targeting and acquisition of undervalued operating and shovel-ready residential resort properties, development and rebranding under the “Awaysis” brand to to create a network of enclave communities for residential resorts in desirable global destinations that optimize both sales and rental income, offering attractive returns for owners and exceptional vacation experiences for travelers.
Statements in this press release that are not historical facts may be considered forward-looking statements. In some cases, you can identify forward-looking statements by using words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “could”, “intend”, “aim”, “project”, ” consider”, “believe”, “estimate”, “predict”, “potential”, “would” or “continue” or the negative of these terms or other similar expressions. Although JV Group, Inc. believes that the expectations reflected in forward-looking statements are based on reasonable assumptions, they involve numerous risks and uncertainties and JV Group, Inc. cannot guarantee that its expectations will be met. There may be factors or events that could cause actual results to differ and it is not possible to predict all of them. Our plans and objectives are based in part on assumptions and estimates relating to, among other things, the successful implementation of our business plan, including the acquisition, integration and operation of resorts and residential enclaves Belize; our success in raising capital to operate and execute our business plan, strategy and initiatives; growth, sales and profitability forecasts; 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 impact of the COVID-19 pandemic on the global and national economy and on our business operations and financial results; and our ability to meet Nasdaq listing requirements and otherwise be listed on Nasdaq. Our assumptions, used for the purpose of making forward-looking statements, are estimates of future events and are subject to the uncertainty of possible changes in economic, legal, industry and other circumstances. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties and other important factors that may cause actual results, performance or our achievements or industry results to differ materially from historical results, 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 in any forward-looking statements are identified 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 required by law.
SOURCE JV Group, Inc.