WASHINGTON, Jan. 12, 2011 (GLOBE NEWSWIRE) -- Syndication Inc., (Pink Sheets:SYNJ), announced that on January 7th, 2011 the CEO, on the authority of the Board of Directors, accepted the terms to purchase a 213,000 sq. ft, plant located in Lake City South Carolina. The site will become the plant location for Sentinel Renewable Energy S.C., Syndication Inc's bio-diesel manufacturing subsidiary. The property was part of a bankruptcy portfolio and the Company's #2 site choice. The Company's CEO was authorized to release the down payment and purchase the property for $500 thousand subject to, among other things, an engineering inspection of the roof with cost estimates of the required repairs as well as the approval of zoning ordinances that will allow multiple purpose industrial and rental use. Additional factors of the company's decision to buy this site included but were not limited to, purchase availability, shipping access, (rail, truck, ship), and feed stock availability.
The site represents the Company's number 2 choice as the favored location remains under contract by a competitive buyer. On the 31st of December 2010 the purchase contract on the Company's first choice was extended for settlement a second time for an additional 60 days. The Board, no longer willing to wait for a resolution on the competitive bid made its decision to move forward with the purchase of the Lake City Plant. The Board further stipulated that in their opinion, the real estate market conditions as they stand in the State of S.C. would make it possible to consider buying the currently forfeited site as an additional asset should it become available in the future. South Carolina is a great place to be and it's become blatantly clear that the more patient we become the more leverage we garnish. In the Board's opinion the community is aggressively pursuing all strategies to attract investors and the delays of last year's developments have inadvertently put the Company in the best negotiating position of the project's history. As stated earlier, "I was willing to be patient but only to a certain extent. The board is anxious to move and this action represents a big step for our Bio-diesel Manufacturing Project. We are being pursued aggressively by many business citizens of South Carolina and opportunity is being dropped at our door step virtually every day," said the CEO of Syndication Inc.
The Board remains resolute to the execution of our business plan and the belief in our future. The pursuit of the alternative energy market is still in its embryonic stage and South Carolina is one of its frontiers. The State is poor and starving for corporate capital investment. We have cash reserves and have made accommodations to accept an additional million dollar investment, the details of which will be released shortly. South Carolina is aggressively courting Syndication/SRE S.C. as a player in their business community. We are using their economic dearth as leverage to convert our business plan from chalk board to practical application. "I am excited and proceeding with cautious but, specific intent," said the CEO of Syndication Inc. Over the next couple of days and weeks the Company expects to release details on the legal issues related to the $5 million loan escrow, both dividends and the identity and final terms on the Company purchasing the 20% stake of SRE S.C. News is pending but, will be released as it develops.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products, which we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.
New Contact Information; Syndication Inc, Brian Sorrentino Phone # 888-422-5515
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CONTACT: Syndication Inc 888-422-5515