LOS ANGELES, Jan. 14, 2014 /PRNewswire/ -- Today, Leone Asset Management, Inc., (Pink Sheets: LEON) announced it has signed an MOU to acquire the managerial and operational control of an operating 89.4 acre Granite Quarry in Sierra Leone.
Leone Asset intends to complete all final due diligence and complete the acquisition within 10 days. At the time of completion, Leone Assets subsidiary, The Tosh Group, Ltd., will gain operational control of the Government appraised asset of over 25 million tons of Granite with a local value of over $800m U.S dollars. Tosh will receive 75% of the net profits from the operation. Tosh will be deploying the necessary equipment and managerial expertise to the site and will begin marketing the mined product in the first quarter of 2014.
Tony Khodadad, President of Leone Asset stated, "currently, the local government and large scale businesses in Sierra Leone and surrounding countries have placed a large demand on the product as the need for infrastructure growth continues to rise. In my opinion, to be at the forefront of infrastructure development in these fast growing West African countries is the place to be and I look forward to processing and sourcing the enormous reserve at our disposal."
Khodadad continued in saying, "With our goal to be the best in the space that we operate in, we have sold our investment advisory division, JP Anderson, to focus on the development of our mining and agricultural assets. We expect to see additional acquisitions in this space over the coming months."
About Leone Asset Management Leone Asset Management, Inc., is a U.S. corporation headquartered in Los Angeles, Ca. Sierra Leone subsidiary, Leone Asset Management, Ltd., operates as a Government contractor as well as owning and operating a group of diversified subsidiaries that provide real estate and development advice, mining and export as well as agriculture development. For additional information, visit: www.leoneasset.com.
Forward-Looking Statements Disclosure: This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
SOURCE Leone Asset Management, Inc.