Business
JZZ Technologies, Inc., and Oxygen Mortgage Execute LOI for New Real Estate Joint Venture
JZZ Technologies, Inc., and Oxygen Mortgage Execute LOI for New Real Estate Joint Venture.
About this update from Ideal Group Of Companies Inc.
[{"type":"text","content":"Anderson, South Carolina – (Nov. 16, 2022) – JZZ Technologies Inc., (“JZZ” or the “Company”) (OTC: JZZI), a diversified company focused on digital media, biotechnology acquisitions related to human life extension longevity and active lifestyle real estate development, has executed a Letter of Intent (LOI) with Oxygen Mortgage and Oxygen Management LTD LLC. (collectively “Oxygen”) to jointly develop a diversified mortgage and real estate development company including real estate purchases, land package and site development, building design and construction, financing, and full-service real estate marketing and sales services.Pursuant to the LOI, JZZ and Oxygen will create a new Joint Venture (“JV”) in the next 90 days targeting real estate projects in South Carolina initially, and then nationally beginning in 2023. The soon to be named JV has already received investment commitments for an initial project under contract with JZZ Technologies for its first project to be marketed by Oxygen –a multi-unit complex near Clemson University. The total project value will exceed $1 million.JZZ’s rights in the JV will be site evaluation and selection, land use entitlement, project site development, project financing including non-exclusive debt and equity placement.Oxygen’s rights in the JV will be:the appointment of Oxygen as the exclusive Real Estate sales partner for all residential properties across the country; involved in the acquisition, planning, development, and sale of all residential and commercial propertiesfull-Service Property Management for any portfolio properties for both short term rentals such as AirBnB and long-term rental properties such as single-family homes, condos, townhouses, or larger apartment buildingsPartnership and operation of a full-service affiliated Mortgage Company capable of offering all clients an \"in house\" mortgage option at the time of purchase. This will also operate perpetually to capture refinance and future resell mortgage opportunities.a title agency joint venture for land title policies encompassing residential and commercial propertiesCharles Cardona, CEO of JZZI, stated, “This new Joint Venture with Oxygen Mortgage is a tremendous opportunity for our two companies. Robert Egeland and his experienced team behind Oxygen Mortgage will give us the capacity to not only source and acquire ne...