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EAGLE POINT, Ore., Aug. 14, 2018 (GLOBE NEWSWIRE) -- Grow Condos, Inc., (OTCPK:GRWC) announced today, just weeks after his appointment, that new CEO Jonathan Bonnette has launched an effort to pay off all real property debt held by the company.
“Grow Condos has an exciting future. To get there we must make smart investments which include paying off real property debt. I’ve raised private capital to begin this process and will continue to do more to ensure our current investments are profitable, allowing greater focus on the future,” said Bonnette.
Cash was raised through Security Purchase Agreements made with private equity investors, thus proving Bonnette a trusted resource for the private capital market - including investment from the majority of the GRWC Board members.
The first piece of real property paid off was the Company’s flagship facility located at 722 W. Dutton Road, Eagle Point, Oregon, currently a fully occupied grow space.
Cash flows that previously went to debt service will now be directed to more favorable uses including increasing Grow Condo’s bottom line. This is a smart strategy for an emerging company to put funds to more advantageous uses.
“We’re on a great path,” said Wayne Zallen, Chairman of the board and long-time entrepreneur in the cannabis industry. “This move gives us our first debt-free condo space for our growers to plant and watch their businesses develop while creating a more usable revenue stream for the company.”
About Grow Condos, Inc.: Grow Condos is a publicly traded company listed under the symbol GRWC. We own and manage a 15,000-square foot condo style warehouse in Eagle Point, Oregon, the Smoke On The Water 420 friendly campground located in Lake Selmac, Oregon, and a property in Eugene, Oregon.
Safe Harbor: This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Grow Condos, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Grow Condos, Inc. ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Grow Condos, Inc. filings with the OTC Markets, Securities and Exchange Commission and/or the company's website.