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| Since we interviewed the Company in January, the company has taken over a large project in Jamaica and appears to funded for future projects as well. Take a closer look at ASCK and add them to your watch list today. |
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 Hot Stock to Watch |
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Company: Auscrete Corporation (Pink Sheets: ASCK)
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Last:
Price: 0.0443
Change (%): - 0.0008 (1.67)
Volume: 13,094 |
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AUSCRETE CORPORATION TAKES OVER CONTROL OF 135 MILLION DOLLAR JAMACIAN HOUSING PROJECT
Rufus, OR, April 26, 2016 (GLOBE NEWSWIRE) -- Auscrete Corporation “ASCK”, builder of Affordable Housing and manufacturer of Energy Efficient building materials has restructured its recently announced agreement to construct 1,500 homes in Jamaica, valued at 135 million dollars over 5-7 years.
Following considerable equity investment interest in the 16 million dollar development, Auscrete sought to take control of the project from PN&N Enterprises by offering PN&N an equity position in Auscrete and a seat on the company’s board. PN&N is a Jamaican development consortium.
As part of the project, Auscrete will acquire approximately 550 acres of land in Northwest Jamaica through PN&N which they will develop into 1,500 building lots, with paved roads and green space, for construction of affordable single family housing.
Auscrete will construct a manufacturing plant in Jamaica to produce the specialized insulated concrete based wall and roof panels that enable high quality homes to be built at affordable prices. The plant will take around 6 months to complete and Auscrete will produce housing when the lots are ready, about 6-8 months. When ready, Auscrete expects to achieve immediate revenues and profitability in the first year. When at full capacity, the manufacturing plant will employ up to 100 local personnel and 25 more will be employed for the homes’ site construction and finishing.
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