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8000inc Acquires as a wholly owned subsidiary Southbridge Development Group Inc (SDG) through a $1.5M cash investment
2009-12-16 09:00 ET - News Release
As part of its $75m investment strategy, 8000inc will provide an initial $1.5M working capital for the project through the acquisition. The SDG project currently holds contracts delivering $25M gross revenue
MANASSAS, VA, Dec. 16 /PRNewswire-FirstCall/ - SDG has formed a joint venture with the Massachusetts EB-5 organization for educational services, real estate development and manufacturing. They have a lease purchase agreement to develop a 150 acre site which will contain a 300,000 square foot hotel and 900,000 square foot industrial Park. With 12 years remaining on its current 20 year training contract with the Department of Defense, SDG will house an international vocational training center, to develop and run a vocational training and certification program for the US Veterans, beginning with wounded veterans at the Walter Reed Army Medical Center. In addition, the project will develop and create new services and businesses for the local community. For more detailed information on the project please go to the investment section of www.8000inc.net. Further detailed announcements will be made.
"This Unique proposition and project attracted us", said Thomas Kelly, "because not only did the business model and reasoning stand up, but this project delivers something special to a community and individuals who have provided service to their country. Simply it gives something back. I can see no better justification for investing in any project. The Investment team should be congratulated for identifying and closing this deal, and we as a team feel excited at being involved with such a worthwhile project".
Larry Mathews, President Southbridge Development Group Inc. stated "This financing is a significant event for Southbridge, as it brings in both capital and experienced investors who can help us achieve our ambitious growth plans. The realization of this investment now means we can progress without barriers to deliver what we feel is an exceptional project and investment opportunity. I and the team are looking forward to working with 8000inc, whose creativeness and vision has ensured the project can now deliver its plan."
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. The words "estimate," "project," "intends," "expects," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. For a more complete description of these and other risk factors that may affect the future performance of 8000 Inc. see "Risk Factors" in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
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