SILVERDALE, WA--(Marketwired - Oct 28, 2016) - CGrowth Capital, Inc. (OTC PINK: CGRA) (the "Company") is pleased to report initial lease revenues from its tenant, Wildfire Cannabis, are scheduled for posting on November 1, 2016, following a blockbuster performance and outdoor harvest yield by its first fully licensed tenant. Furthermore, the Company is pleased to provide investors with a report on its latest site visit to the Company's manufacturing and processing facility in Chewelah, Washington. The Company is providing turnkey commercial leases to tenants at its Washington state location where the state has legalized cannabis. Based on initial success, expansion of both indoor and outdoor operations is inevitable.
Bill Wright, CEO of CGrowth Capital, Inc., stated, "We have been working on this leasing structure and relationships for over 18 months and that diligence and patience is now paying off. While others in this new market space are spending their time telling people what they can do, we have rolled up our sleeves and executed on what we said we would do -- a first to market. This is not an adventure with overnight success -- it takes 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 and properties under our control."
The site visit to the property and concurrent visit with Wildfire management revealed the following progress:
- Lease Payments Confirmed: Wildfire confirmed that it would be paying rent beginning November 1, 2016, at an escalated rate to account for rent accruals prior to production as well as triple net and capital cost to the facilities.
- Property Development -- Phase I -- 80% complete: Of the 8,000 sq. ft. initial building, 80% of the rooms have been completed and are now operational, including full buildout, electrical, plumbing, HVAC, and security.
- CO2 Extraction -- Phase I-B: The Company procured two coveted CO2 oil extraction machines and will be leasing this highly sought after equipment to its tenant -- adding to the current revenue stream. County permits are complete and we are awaiting state inspection and approval with Wildfire. The Company expects this phase to be completed by the end of November 2016.
- Property Development -- Phase II: Plans are completed for the improvement of an existing 8,000 sq. ft. building south of Phase I building. This building will include primary processing and a full commercial kitchen. Work is scheduled to begin prior to the end of the year.
- Property Development -- Phase III: Plans are being developed for a 22,000 sq. ft. building for extended grow rooms and overall mechanical for the site. The Company is planning on breaking ground on this new building in early 2017.
Additional information will be provided on further development at the site as agreements are completed. This includes discussions with existing tenants and additional interested parties.
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.