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In Ovations Holdings, Inc. (INOH) Executes Purchase and Sale Contract on Acquisition of 7.5 Million Gallon Tank Farm Calculated to Value Over $13,000,000 and to Yield Revenues of $1.8 Million per Year
In Ovations Holdings, Inc. (INOH) Executes Purchase and Sale Contract on Acquisition of 7.5 Million Gallon Tank Farm Calculated to Value Over $13,000,000 and to Yield Revenues of $1.8 Million per Year.
About this update from In Ovations Holdings Inc
[{"type":"text","content":"\n \n \n In Ovations Holdings, Inc. (INOH) Executes Purchase and Sale Contract on Acquisition of 7.5 Million Gallon Tank Farm Calculated to Value Over $13,000,000 and to Yield Revenues of $1.8 Million per Year\n \n \nIn Ovations Holdings, Inc. (INOH) Executes Purchase and Sale Contract on Acquisition of 7.5 Million Gallon Tank Farm Calculated to Value Over $13,000,000 and to Yield Revenues of $1.8 Million per Year\n\nAdds New Board of Directors Member\n\n \n DORAL, FL--(Marketwired - Jun 25, 2015) - On June 23, 2015, In Ovations Holdings (OTC PINK: INOH) and 2 Lisa Court Corporation executed a formal Purchase and Sale Agreement for the purchase and rehabilitation of the Meridian Mid Continent Tank Farm and Terminal (hereinafter \"Tank Farm\") located in Meridian, Mississippi. The Tank Farm is situated to store over seven point five million gallons (7,500,000) of refinery product and, after rehabilitation, will produce an approximate income in excess of $1,800,000 per year and possesses a total property/project value of between $13,000,000 and $14,000,000.\n As previously disclosed, 2 Lisa Court Corporation has already committed to provide up to 50% seller financing to In Ovations Holdings on the approximately 20 acre site. Additional financing is expected to come from private offerings and a traditional bank-financed real estate loan.\n \"With the announcement of entry into a formal purchase contract related to this exciting project, which is consistent with our continued redevelopment of INOH as a diversified revenue generating holding company, we renew our commitment to our shareholders to aggressively continue the restructuring of our Company. The two on-premise Interstate Pipelines, the Colonial Pipeline originating in Houston and terminating in the New York City Harbor, and the Plantation Pipeline originating in Baton Rouge and connected to terminals in Washington National and Dulles, render the Tank Farm well-positioned to serve the domestic energy industry, which continues to realize significant growth,\" said In Ovations CEO, Rosendo Alvarez, III.\n Evaluation and remediation reports have already been provided and reviewed and a plan to bring the site operational is in place. In Ovations Holdings expects to release details of future plans for the Tank Farm in the near term.\n Finally we are pleased to...