SOURCE: AVEW Holdings Inc
November 16, 2016 09:30 ET
AUSTIN, TX--(Marketwired - Nov 16, 2016) - AVEW HOLDINGS Inc. (OTC PINK: AVEW) today announced that the company has signed a Memorandum Of Understanding to acquire Azrock Holdings LLC (Azrock). AVEW will acquire 20% of Azrock in 2016 and additional 20% first quarter of 2017. The remaining 50% of Azrock will be acquired by end of 2017.
Azrock Holdings LLC is a privately held Arizona Limited liability company located in Prescott Arizona. Mr. Larry Nunley, owner and President of Azrock, has been heavily involved in the precious metals recovery and smelting business in the last 8 years. Azrock uses an eco friendly process in leaching of gold and silver from ore bodies. Mr. Nunley has fine-tuned and proved this process through the years. Current operations are ready to process one ton of ore per day with capacity to process up to 3 tons per day. Near future plans is to upgrade the plant equipment to increase production to10 tons per day.
AVEW and Azrock are working on a definitive asset purchase, which is anticipated to finalize end of November 2016. Mr. Nunley will remain and continue to manage and operate Azrock until such time that AVEW completes a full acquisition. A new chemist/operator will be hired at full acquisition and Mr. Nunley will continue to support AVEW/Azrock in the development of new processes and new business opportunities in the precious metals recovery and smelting business. Mr. Nunley will be participating in the AVEW Advisory Board of Directors.
Commenting on the transaction, CEO Jose Chavez stated, "We are very fortunate that Azrock has chosen AVEW as a business partner/owner. The cash flows and new opportunities in the precious metals business are significant to the growth and success of AVEW."
About AVEW HOLDINGS, Inc.
AVEW Holdings is in the retail and wholesale business of precious metals.
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