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Cabo Verde Capital Executes MOUs
Locking Up Significant Hotel And Commercial Real Estate Assets in Cabo Verde
|By Marketwired .
|June 24, 2014 03:33 PM EDT
WILMINGTON, DELAWARE -- (Marketwired) -- 06/24/14 -- Cabo Verde Capital Inc. (OTC PINK:CAPV) (the "Company") is very pleased to announce that it has entered into a series of non-binding Memoranda of Understanding ("MOU's") with several privately held Portuguese, Cabo Verdian and Malta based concerns (the "Vendor(s)") in order to acquire a portfolio of commercial and tourism related real estate projects in the Republic of Cabo Verde, an island nation comprised of 10 islands located off the northwest coast of Africa.
The Vendors are working with the "CVC" management group in regard to the MOU's.
General terms under the various MOU's provide that definitive agreements to acquire the assets as well as full transfer of title and ownership will be completed by August 31, 2014, unless mutually extended. The Vendors have further agreed to enter into an exclusivity agreement with the Company with respect to the acquisition and development of any additional assets in Cape Verde.
Closing of the acquisitions described herein remains subject to the terms and conditions contained in the various MOUs and the definitive agreements and may require regulatory or shareholder approvals.
The Company is engaging a new audit firm and plans to make the required filings with the Securities and Exchange Commission to bring its publicly available financial statements up to date.
The following is a brief description of the assets underlying the MOUs with the Company:
1) Fortim Mindelo
The Fortim Mindelo Resort is situated in the city of Mindelo on Sao Vicente Island. The project is comprised of a hotel, casino and residential apartments and villas. The project is situated on an elevated site overlooking the Bay of Mindelo. Construction has started on the complex.
2) Simpatico Beach Baia
This beachfront Hotel complex was completed in late 2012 and is located in the famous beach area of Baia Das Gatas, Sao Vicente Island. Simpatico Beach Baia consists of eleven 3 bedroom houses, a bar and a restaurant.
3) Square Cabral
The "Square Cabral" site is located in the business district of the Capital of Cape Verde. The Vendors have received initial approval of the plans for the site. The mixed-use project is expected to include a hotel, shops, conference facilities, offices and a casino.
About Cabo Verde Capital Inc.
Cabo Verde Capital's activities are based on three main pillars: Real Estate, Hospitality and Casino development and the exploitation of these three segments.
The Company expects to continue to conclude transactions with the Vendors and their affiliates and others in order to acquire and develop real estate projects exclusively in Cape Verde.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. For more information please contact Corporate Relations at 302-824-7077 or [email protected].
John Duggan, President
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS," AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH REAL ESTATE DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL AND QUARTERLY REPORTS FILED AND PUBLISHED ON WWW.OTCMARKETS.COM, RESPECTIVELY, AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY''S ABILITY AND LEVEL OF SUPPORT FOR ITS DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY''S EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE.
INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED AND PUBLISHED FROM TIME-TO-TIME ON WWW.OTCMARKETS.COM. THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NO SECURITIES REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALLTHERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
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