JERUSALEM, Israel, Dec. 12, 2017 (GLOBE NEWSWIRE) -- DARKSTAR VENTURES, INC. (OTC:DAVC) and Subsidiary, Bengio Urban Renewal, announce the first of building projects that the Company has established for the demolition of a building consisting of 12 units, and the construction of 36 units in its place.
“Because compromised structures and older buildings needing to be brought up to code are numerous, TAMA 38 was established and provides all, from the government to the tenant, a lucrative opportunity to greatly benefit. With the potential profit margins involved, we are focused on the signing and establishment of many properties, and are very pleased that the first in this process has been secured,” stated Avraham Bengio, CEO, Darkstar Ventures Inc.
This agreement represents an excellent opportunity for Bengio, whereas upon completion the Company can yield an outstanding rate of return, calculated to exceed 2 million dollars, earning full ownership of all additional property built above the original restructured building.
TAMA 38, is a mutually advantageous Israeli construction program initiated for fortification of the building through the strengthening or rebuilding of older and compromised buildings. Developers are able to build additional levels above existing apartment buildings in exchange for needed improvements such as fortification, and the addition of features such as elevators, balconies, safe rooms or parking.
Bengio Urban Renewal, founded by veteran real-estate entrepreneurs and expert professionals in the construction field, specializes in the building reinforcement and reconstruction in Israel.
Endeavors continue underway, and the Company has sharpened it’s focused on preparations for the launch of projects under the Tama Classification, a National Outlined Plan encompassing 38 construction grants yielding rights to tenants whose buildings require fortification in order to meet current codes and updated standards. These rights are transferred to the developer contracted to build additional levels above existing apartments, enabling this new real estate to be sold for profit in the open market.
Forward-Looking Statements: Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's success in obtaining new customers; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including the financial statements and related information contained in the Company's Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. The Company assumes no obligation to update the cautionary Information in this release.