CGrowth Capital, Inc. Announces the Purchase of Equipment
SILVERDALE, Wash., Feb. 20, 2013 /PRNewswire/ -- CGrowth Capital, Inc. (OTCPINK:CGRA) is pleased to announce that it has completed the purchase and acquisition of its first two major pieces of equipment, a CEC Impact Plant and a CEC Screen Plant along with miscellaneous related equipment.
These two major components are vital to the Company's operation concerning the processing of raw ore into concentrates. CGrowth Capital was able to negotiate favorable terms on the above mentioned acquisition. The total asset value of the purchase of $380,000 was paid for with a cash deposit of $10,000, 15,000 shares of restricted Series A preferred stock, and a note in the amount of approximately $220,000. The note carries an interest rate of 6.33%.
"We are excited about our strategic equipment purchases," said Bill Wright, CEO of CGrowth Capital, Inc. "This equipment represents anchor pieces in our initial processing activities. As was presented in my January letter to shareholders, CGrowth Capital is working to increase its asset base, generate revenue, and begin execution of its joint venture agreement to remove and process up to 170,000 tons of surface head ore from our partner mine in Eastern Washington. The newly acquired equipment positions us to start towards production in 2013."
For more information about CGrowth Capital, visit their website: http://www.CGrowthCapital.com
About CGrowth Capital, Inc.:
CGrowth Capital, Inc. serves as a holding company for businesses and assets focused on all aspects of mining. The processing of metal ore mining is a multi-billion dollar market opportunity which is capitalized through processing, sales, contracting and licensing of assets. CGrowth Capital's services and solutions are designed to assist land owners with monetizing undervalued assets by bringing commodities such as gold and silver to market. CGrowth Capital will focus on acquiring or "claiming" land assets, while also providing partners and affiliates with management services, capital, contract management and logistical services necessary for the successful execution of mining operations.
CGrowth Capital, Inc.
Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties. The Company disclaims any obligation to update or revise any forward-looking statements.
SOURCE CGrowth Capital, Inc.