SILVERDALE, WA--(Marketwired - Nov 16, 2016) - CGrowth Capital, Inc. (OTC PINK: CGRA) (the "Company") is pleased to report the filing of the Company's consolidated 3rd Quarter financials for the period ended September 30, 2016. Total Assets increased 13.2% over the prior quarter to nearly $25,000,000. The Company's share structure remained unchanged for the 12th consecutive month, as the Company remains committed to developing its business plan without the issuance of stock.
The Company increased and renewed its bond offering in the United Kingdom to £30,000,000 British Pound Sterling -- releasing Bond Issue 2 Series 1v1 on November 9, 2016. The offering was completed in conjunction with management's visit with the bond administrator, and included meetings with strategic investment groups and pension managers. With the deployment of funds received through the Company's bond offering and the execution of numerous business initiatives, the Company is looking ahead and excited about closing out the year on high note and continuing the momentum into 2017.
During the 3rd quarter, the Company's subsidiary, Powder River Resources, has completed infrastructure improvements, well workover programs, production and wellsite facility upgrades, and extensive mapping and data collection on new drilling locations. The extensive work is projected to result in oil and gas revenue ramping up through the winter and continuing to build into 2017 and beyond. As new drilling commences, and prior workovers come online, the Company looks forward to a robust energy division.
The Company's real estate holdings under Chewelah Properties, LLC is now posting significant leasing revenue as first phases of construction have come to completion. The re-tooling of the property has resulted in combined lease rates of $48 per square foot (plus NNN charges) for the initial building completion of 8,000 sq. ft. The Company expects to continue bringing additional square footage online during 2017 along with increases in overall lease revenue.
Bill Wright, CEO of CGrowth Capital, Inc. stated, "We have a robust, non-dilutive, thriving company. Revenues are now beginning to post into our fourth quarter financials and we fully expect these revenues to continuing growing. This has never been an adventure with overnight success -- it has taken time, patience, the right relationships, and a whole lot of work -- but we are there now and revenues will continue to build as we expand the facilities, properties, and leases under our control."
The Company continues to make progress on completing its domestic audits in preparation for uplisting to a higher exchange. In addition, management met with auditors in the United Kingdom to ensure smooth transition of data between all groups. Additional information will be provided on this subject as further developments are made.
About CGrowth Capital, Inc.:
CGrowth Capital, Inc. The Company continues to serve as an alternative asset management company for businesses and assets focused on all aspects of mining, minerals, exploration, and commercial real estate. The processing of metal ore mining, mineral and specialty rock extraction, as well as oil and gas production, are multi-billion dollar market opportunities which is capitalized on through processing, sales, contracting and licensing of assets. CGrowth Capital's services and solutions are designed to assist land owners with monetizing undervalued assets by bringing commodities such as gold, silver, oil and gas, and dolomite to market. CGrowth Capital will focus on acquiring land assets, while also providing partners and affiliates with management services, capital, contract management and logistical services necessary for the successful execution of operations. Through wholly owned subsidiaries, the Company has begun to strategically leverage real estate assets for maximum value within newly developing industries currently underway in Washington State and across the United States.
For more information and updates about CGrowth Capital and its subsidiaries, visit their websites or Facebook pages:
Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties. The Company disclaims any obligation to update or revise any forward-looking statements.