Milan, Italy, Sept. 13, 2016 (GLOBE NEWSWIRE) -- Auscrete Corporation CEO, John Sprovieri held meetings with investors in Milan recently to finalize details of a $16 million funding package that will enable their 1,500 home residential construction development in Jamaica to proceed. Acquisition of the financing will be on a long term interest only basis with the principal repayable at the end of the term. Mr. Sprovieri said that the interest rate is very competitive in today’s market for international finance and there is no dilution of the company’s shares.
Mr. Sprovieri added “This financing will enable us to complete the acquisition of the land in Jamaica’s Northwest not far from Montego Bay. We will then set about final site planning and utilities figuration for the home sites in preparation for the systematic building of the homes”.
The company plans to construct a building materials manufacturing plant close by the residential housing estate where they will use their proprietary technology to construct 1,500 affordable homes, valued at approximately $135 million, over the next 5-6 years.
A Company spokesperson said that Auscrete Corporation had also been looking for opportunities to set up building materials production plants in other parts of the Caribbean, Central America and Mexico using the same standardized process that will be used in Jamaica.
“Of course, we are not overlooking our own home needs as the company has also defined financing to set up 2 new plants here in the US. One in Texas and one in Oregon” the spokesperson added.
Safe Harbor: Statements in this press release may constitute forward looking statements and are subject to risks and uncertainties. As like all investments, the company’s future capital needs could be affected, the lack of market demand for any new or enhanced projects the company may develop. The actual results may differ materially from those in this press release. The company disclaims any obligation to update any statements contained in this press release.
Auscrete Corporation Investor Relations - Lee Odom /IR Spokesperson 305 853 8404 - email@example.com Corporate Business - John Sprovieri / CEO 541 739 8298 - firstname.lastname@example.org www.auscretehomes.com