MIAMI, Aug. 6, 2012 /PRNewswire/ -- Energy Edge Technologies Corp (OTC: EEDG) has announced the signing of an Agreement to acquire 51% of International Properties, Inc. ("IPI"), the owner/developer of Saddlebrook River Estates. The acquisition is for stock only and will be completed utilizing shares of EEDG insiders, making it non-dilutive to all other EEDG shareholders. The Agreement is subject to a 45 day due diligence period and the completion of a PCAOB audit for IPI.
Saddlebrook River Estates is Tennessee's newest active adult community (for individuals age 55 or older) offering quality factory-built homes on oversized home sites. Saddlebrook employs a "Green" construction process which greatly speeds up build-out time while significantly reducing environmental impact. Saddlebrook also utilizes Energy Star windows, appliances and fixtures in every home. The net result is that fewer resources are consumed and less waste is generated during the construction process, and owners enjoy the benefits of a home using less energy and natural resources at a lower purchase price.
According to USA Today and Rand McNally, Tennessee is one of the fastest growing retirement destinations in the country, primarily due to its natural beauty, year round climate, and low cost of living, highlighted by extremely low real estate taxes, even lower homeowner insurance premiums, and no state income tax. Saddlebrook offers pre-construction pricing starting from $69,900 for a 3 bedroom, 2 bathroom home. Saddlebrook River Estates is comprised of 133 home sites, of which 33 have been presold with deposits to date. The sale of all 133 homes is projected to yield revenues exceeding $17 million with a gross profit of over $5 million. www.visitsaddlebrook.com
"It's the perfect product at the perfect price at the perfect time," said Rocco Toscano, President of IPI and a 10 year developer of communities in Tennessee. "Given today's economic realities and the fact that about 10,000 baby boomers a day will be turning 65 over the next 20 years, the rewards in becoming a leader in the development of affordable housing for retirees are almost limitless. With the extraordinary personnel and financial resources that Energy Edge adds to our world-class marketing team, quarterbacked by NFL icon Joe Namath, we are powerfully positioned to sell out Saddlebrook this year and move on to the much larger projects IPI already has in the planning stages in Tennessee and Florida."
"We are extremely proud to be able to make an acquisition of this magnitude without having to raise our authorized ceiling of 100 million shares," concluded Dr. Benjamin Chavis, EEDG's Advisory Board Chairman and Spokesperson. "Although we realize that our capital needs will accelerate as a result of our recent acquisitions, which will likely require us to increase our authorized limit in the near future to meet those needs, this deal perfectly illustrates management's ongoing vigilance regarding the issuance of any new EEDG shares. We look forward with the highest level of excitement and anticipation to a prosperous future with Rocco, Joe, and the entire IPI team." www.energyet.com
Media contact: Glen Calder 561-750-9800 x216; [email protected]
Forward Looking Statements
This release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results.
SOURCE Energy Edge Technologies Corp