Tyler, Texas, Jan. 13, 2015 (GLOBE NEWSWIRE) -- SearchCore, Inc. (OTCQB: SRER) a manufactured housing retail center owner and operator that operates its retail centers through its wholly owned subsidiary Wisdom Homes Of America, Inc. ("Wisdom Homes"), announced a year-end business update for the 2014 fiscal year.
Our objective is to become the largest independent manufactured home retailer in the U.S. by opening 30 retail centers in Texas and surrounding states over the next 60 months and thereby meeting the significant growing demand for quality, affordable residential housing in our respective markets.
2014 updates include:
Brent Nelms, a 30-year manufacturing home retail sector veteran joined Wisdom Homes to oversee our retail growth. Brent has successfully overseen the operations of 33 retail centers generating greater than $100 million in annual revenue.
Opened 4 Manufactured Home Retail Centers in Texas.
Generated quarterly revenues of $50,000 and $350,000 in Q2 and Q3 respectively and anticipate exceeding $700,000 in Q4.
Secured a $500,000 inventory credit facility in April that was increased to $1.2 million in June and increased again to $2 million in October.
Purchased 15 residential lots near our Tyler location and have begun marketing the lots to our clients.
Increased model home inventory to 22.
Established a $200,000 Special Purpose Fund to provide customers access to short-term bridge financing,
Created non-traditional and alternative mortgage programs and "In-house" financing options.
Established a $200,000 Spec Home Fund providing home owners with a land/home packages
"In 2014 we built the foundation for our model retail centers which is based on quality, affordable housing for just about anyone interested in owning the American Dream. And we plan on continuing our growth throughout 2015 and beyond," stated Jim Pakulis, CEO of Wisdom Homes of America.
About SearchCore, Inc.
SearchCore, Inc., founded in 2010, is a manufactured housing retail center owner and operator. The company is headquartered in Tyler, Texas. The Company's common stock trades on the OTCQB, under the ticker symbol "SRER."
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). SearchCore, Inc. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. SearchCore, Inc. undertakes no obligation to revise these statements following the date of this news release.