FORT LAUDERDALE, Fla., May 14, 2022 /PRNewswire/ -- Publicly held JV Group, Inc. (OTC MARKETS: ASZP) announces the signing of a definitive agreement to purchase real estate property held by Abraxas Corporation with an estimated fair market value (FMV) of $5.5 million USD.
Under the terms of the agreement, which was unanimously approved by the board of directors of both companies, JV Group will purchase Abraxas's real estate portfolio as part of the initial acquisition of the Casamora Resort group of assets. In connection with this transaction, Abraxas Corporation shareholders agree to accept a portion of the purchase price in shares of JV Group at market price on the date of the updated appraisal.
JV Group's purchase of Abraxas's real estate assets are subject to customary closing conditions and is expected to close in the current Quarter. This acquisition will provide an immediate revenue stream and will provide significantly to the company's asset base, adding an estimated 8 residential units and a commercial complex that is expected to include a premiere health and wellness spa, a fully-serviced flexible co-working lounge and a private social club with roof top patio, into the company's planned rental and development portfolio.
As the first planned acquisition in the Country of Belize, management believes that these Casamora Resort assets fit perfectly with the company's strategy of creating a robust network of residential enclave communities in the Caribbean.
About JV Group, Inc.:
JV Group Inc. is a real estate investment and management company focused on creating value through targeting and acquisition of undervalued operating and shovel ready residential resort properties, development, and rebranding under the "Awaysis" Brand to create a network of residential resort enclave communities in desirable global travel destinations that will optimize both sales and rental revenues and provide attractive returns to owners and exceptional vacation experiences to travelers.
Forward Looking Statements:
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SOURCE JV Group, Inc.