MELBOURNE, Australia, Oct. 13, 2016 (GLOBE NEWSWIRE) -- Kibush Capital Corporation (OTC:DLCR) (the “Company”) announced today that its subsidiary Aqua Mining finalized an agreement to purchase all of the shares in Paradise Gardens Developments Ltd. (“Paradise Gardens”) and has now completed the purchase of Paradise Gardens. The Company’s CEO, Warren Sheppard stated that Paradise Gardens assets, including tractors, logging equipment and timber processing equipment, will be utilized in the Company’s logging and processing at Rigo. The sworn value of the Paradise Garden assets on the balance sheet of Paradise Gardens as audited and prepared by International Accounting firm BDO was PGK 1,481,891 (USD$ 489,072), and after depreciation a holding value of PGK 876,088 (USD$ 289,137). In addition to the acquired assets, Paradise Gardens has significant carry forward income tax loss in Papua New Guinea as per the financial statements prepared by BDO (PGK 3,479,985 at 30% tax rate = PGK1,043,995 (USD $344,552). Whether the company renews and continues the Timber Authority permit at Brown River under the Paradise Gardens name is yet to be decided, however we have a number of opportunities from neighboring landowners to commercialise the logging within their respective land holdings. We will continue in the short-term using the processing area that is leased by Paradise Gardens at Kairuku Hiri District approximately 60 kilometers from Port Moresby, until we establish a new processing facility closer to Port Moresby. We are currently looking at areas around the Laloki region 30 minutes north east from Port Moresby. We anticipate the transition of our processing facility to the Laloki area will be completed during the quarter ended June 30, 2017.
About Kibush Capital Corporation:
Kibush Capital is a Resource company with Timber Operations in Papua New Guinea, Gold exploration in Papua New Guinea and Jade exploration in New South Wales, Australia.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties.
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Source:Kibush Capital Corporation