Business
CGrowth Capital, Inc. Executes Memorandum of Understanding
CGrowth Capital, Inc. Executes Memorandum of Understanding.
About this update from Cgrowth Capital, Inc.
[{"type":"text","content":"\n \n \n CGrowth Capital, Inc. Executes Memorandum of Understanding\n \n \nCGrowth Capital, Inc. Executes Memorandum of Understanding\n\nAgreement Establishes Future Processing Site for Mining Operations\n\n \n SILVERDALE, WA--(Marketwired - Nov 5, 2013) - CGrowth Capital, Inc. (OTC Pink: CGRA) (the \"Company\") is pleased to announce that it recently executed a comprehensive Memorandum of Understanding (\"Agreement\") with asset holders in Stevens County, Washington. The Agreement incorporates the purchase of an existing 47 acre industrial site located just 38 miles from the Company's mining operations; extensive mineral rights to terrazzo, dolomite, silica, and gravel, which incorporates over 10 physical quarry locations; and the purchase of controlling interest in a company with current assets, inventories, and sales channels for the minerals.\n In conjunction with the Agreement, the Company also executed a Contract for Hire Agreement (\"Contract\") with the same asset holders to provide for site cleanup, inventory cataloging, and asset liquidation of specified tools, equipment, and buildings on the 47 acre site as well as another industrial site not included in the Agreement. Under the Contract, the Company is overseeing the liquidation and site cleanups through its partner, Cedar Canyon Mining Corp. and a representative of the asset holders. As compensation, the Company is receiving 60% of the liquidated assets during the term of the Contract, 20% paid weekly and 40% to be applied to the purchase of the industrial site detailed in the Agreement.\n \"We feel very blessed to have met the group of people we are doing business with in Stevens County,\" stated Bill Wright, CEO of CGrowth Capital, Inc. \"We have been diligently working to increase our asset base, increase our revenue streams, and diversify our holdings and outlets. The Agreement, once completed, will provide for a substantial boost by all accounts. By increasing our assets and revenue through strategic planning, we are keeping our stockholders protected and increasing overall shareholder value.\"\n Mr. Wright continued, \"The industrial site will provide a great location and advantage in our being able to process ore on a year round basis. The handling of our own processing will greatly reduce our overall cost of precious metal recov...