Sunergy Update: Sunergy's New Building Partner Signs Joint Venture Agreement for Development of a 464 Hectare, 10,000 Home Building Project in Lagos, Nigeria, as the First of Seven Projects to be Included
Press Release Source: Sunergy Inc. On Friday November 14, 2014
SCOTTSDALE, AZ / ACCESSWIRE / November 14, 2014 / Sunergy, Inc. ("Sunergy" or "the Company") (OTC Pink: SNEY) (SNEY), announced today that its new building partner, Global Builders Group, Inc. (GBG) has signed a Definitive Written Agreement, effective November 5th 2014 for a Joint Venture to develop, build, and manage a brand new town adjacent to Lagos, Nigeria to be called, "American Village", on 464 hectares of mostly cleared land. This property has a gas line through it and there is adequate artisanal water supply to be developed. This planned development will contain approximately 10,000 housing units in a mixed use, 80% residential and 20% commercial development. In addition, a major granite quarry with reserves to last 50 years, that will provide gravel for roads, granite slabs and tiles for housing construction, is also under the JV. These projects are the first under the Joint Venture that includes at least 7 additional projects. This agreement is with a non-government Nigerian client of substantial means. American Village will be built to American standards and approximately 25% will be affordable homes. The overall selling prices of homes in this project will exceed U.S. $2,000,000,000.
Garrett Hale, President and CEO says, "We have been working diligently on securing building projects in Africa with our new building partner, GBG, who with its housing factory in Atlanta, Georgia has the capacity, along with its substantial strategic partners, to engage in large scale developments. This Joint Venture marks the initial milestone, which will result in sustainable revenue for Sunergy. We are also negotiating a 100 Mega Watt solar power facility to interface with GBG's gas powered garbage incinerator attached, as provided by Sterling Energy, a GBG strategic partner. I suggest you visit their website www.globalbuildersgroupinc.com and visit the Partners' link for a glimpse of GBG's overall capabilities. In addition, Sunergy, with its mining background in Africa and its capabilities, has already received preliminary approval to be a suitable Joint Venture developer/operator of the 250+ acre licensed granite quarry that contains high quality granite to a depth exceeding 2 miles."
Hale continued, "As the new housing building boom is just starting in Nigeria, we are fortunate to have GBG as our new building partner. In addition, GBG has substantial partners which include premier companies such as Clean Power Group, Sterling Energy, exp., Stalwart Green Global, Azera Group and several others. Besides the time and energy put forth by Sunergy to help GBG achieve this milestone, it has made a direct investment in GBG and is considered a founding shareholder. As part of this growing partnership, Sunergy will add Blessing Itua, a Nigerian American and Atlanta, Georgia resident and Director of GBG, to their Board of Directors in the near future."
More information on our various projects and financial condition will be forthcoming.
Sunergy Inc. (OTC Pink: SNEY) (SNEY), a Nevada corporation, is a junior mining company headquartered in Scottsdale, Arizona. The Company has made a transition from an exploration only company to a company currently focused on production and cash flow. We now have four dredges operating, 2 in Sierra Leone and 2 in Liberia We have also acquired a wash plant and loader capable of handling between 50 to 350 tons per hour of diamond and gold bearing gravels. In addition to our core mining activities, the Company has used its considerable contacts earned over the past 4 years to develop non-mining partnerships and agency agreements with major international businesses representing Airport Security, Affordable Housing projects and Solar energy projects in the six West Africa Countries of Ghana, Sierra Leone, Liberia, Nigeria, The Gambia and Senegal. For more information, please visit www.sunergygold.com.
Regarding Forward-Looking Statements
This current report contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, development or exploration of the Nyinahin and Pampana Mining Concessions or cash flow from Liberian mining operations.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume 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 we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.