Rufus OR, April 28, 2016 (GLOBE NEWSWIRE) -- Auscrete Corporation “ASCK” recently announced that it had entered agreement for the construction of 1,500 homes in Jamaica, valued at $135 million, over 7 years. Auscrete is now spear-heading the venture after agreeing to a take over the interests of PN&N, the original developers of the initiative in exchange for an equity position in Auscrete and a seat on the Board.
Following considerable interest from investors with various funding strategies, Auscrete has been in dialogue with 4 Investment Groups interested in taking an equity position in the company. The company requires $16 million to get the project started on the Caribbean Island of Jamaica where there is a very serious shortage of livable homes and gets worse every year.
Dale Shirley, president of Big Reach Media, an IR firm representing Auscrete said that “Auscrete has positioned itself to be at the forefront of what could be a huge project in Jamaica that will definitely add value to the shareholders of Auscrete. The Auscrete technology coupled with the affordability of the housing make Jamaica and other countries very open to very large projects supplying high quality, energy efficient homes. The building materials manufactured in mass production which produce quick turn around times, are already available here in the US.
Mr. Shirley added “With projected revenues of $20 million per year from project commencement, we have introduced Auscrete to two investors that we know, who really like the future of this development and the value it will add to Auscrete’s bottom line for many years to come.”