JZZ Technologies, Inc., Signs Agreement to Acquire 9.95 Acres for Planned Development of a 50 Unit Residential Project in South Carolina Valued, Upon Completion, at Over $10 Million
Anderson, South Carolina--(Newsfile Corp. - January 30, 2023) - JZZ Technologies, Inc.'s (OTC PINK: JZZI) ("JZZ" or the "Company") real estate division has signed an agreement to acquire 9.95 acres on which it intends to develop a new multi-family residential community project in upstate South Carolina within the vicinity of the area's two university campuses. The initial development stage, including residential construction, has a projected value, upon completion, of over $10 million.
The Great Bear Property real estate project in South Carolina is intended to consist of at least 50 planned residential units with the option to build additional units in a further expansion. The development of the project, marketing, and project oversight will be handled by JZZ Technologies' real estate division, with all construction management to be provided by Lion Development Corporation, a wholly owned subsidiary of JZZ.
The Real Estate Contract provides for the purchase of the subject property from the current owner for the sum of $200,000, which shall be paid pursuant to a promissory note with a three-year term, bearing interest at the rate of 5% per annum, payable from 75% of the gross profits from the property. The property shall be owned by a limited liability company to be formed, which shall be owned by JZZ and the seller.
The seller shall be entitled to 75% of the net profits (net of the 75% of gross profits paid) until the note is paid and thereafter 25%.
The goal of this residential development will be delivering quality housing that becomes part of a well-planned, affordable community. The focus will be a multi-family community with a range from 650 square foot to 2800 square foot residences with some units having a lock off in-law/ADU (alternative dwelling unit). These may include single-family homes, townhouses, and duplexes. The designs, architecture, features, and finishes will all contribute a modern sensibility -one that embraces current trends and utilizes sustainable materials and eco-friendly options such as green energy and green spaces while retaining a natural southern charm.
South Carolina is one of several southern states experiencing mass immigration from other states as a tax haven or for improved lifestyle. According to research by the moving company United Van Lines, some of the top states people moved away from in 2022 were New York, Illinois, and New Jersey.
FOX News reports that Texas, Florida, and the Carolinas are among the most moved to states in 2022 based on its data. People also looked to move to smaller towns in order to lower their cost of living. The areas that are likely to experience a significant need for new residential developments are those surrounding new business seeking tax advantages and business friendly climates, as well as universities.
Charles Cardona, CEO of JZZ Technologies, Inc., stated, "This is our premiere real estate development in the South Carolina region under the Company's new operating structure. It's in a perfect spot near Clemson University in a growth region of upstate South Carolina. It's right in our sweet spot."
''We are focusing on creating a quality community with affordable housing with modern approaches for the rapidly expanding population migrating to this area. We expect this project to become a showcase for our company that sets the standards for our future developments planned for this and other regions," Cardona added.
About JZZ Technologies, Inc.
JZZ Technologies, Inc. is a diversified company engaged in several business sectors. Its Active Lifestyle Real Estate Development division is engaged in acquiring, managing, and operating commercial and residential real estate and housing development projects. Its Active Lifestyle Digital media business includes online media and apps (activelifestylemedia.com), content creation, and digital marketing targeted to active adults 55+
For more information, please visit jzztechnologies.com.
JZZ Technologies, Inc.
Charles Cardona, CEO
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Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward-Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the Company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; and the volatility of the Company's operating results and financial condition. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct. Investors are cautioned that actual results may differ materially from the anticipated results.
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