Mr. Pedro Villagran-Garcia, the President and CEO of Alumifuel Power Corp (OTCMKTS:AFPW), updated on recent acquisitions. The company finalized a cash and stock deal with Seger Realty under which it will buy a block in the outskirts of Atlanta, Georgia.
Focus on Industrial Real Estate
Atlanta, Georgia, is a place where the real estate prices are witnessing a strong momentum, making it a perfect fit for both residential as well as commercial projects. As of now, the project investment is planned up to $350,000 in land improvement and infrastructure. It should be noted that the residential development portion will be offered largely to Atlanta commuters, following lower taxes and great access.
Alumifuel intends to start all the activities related to this project, like permitting, fitting of public utilities, and construction of office and residential spaces, immediately. While the company has a team of specialized international contractors to work on specific tasks, it has invited local contractors to send their proposals for other activities. The project will be completed as per environmental regulations. Also, the company has approached renowned real estate agents like Century 21, Coldwell Banker, and Remax for this project. Although Alumifuel is looking to expand its presence in Mexico, its focus continues to be on the United States.
Alumifuel is not looking for any reverse split shortly. Also, there are no debt conversions in the company’s book. The company expects revenue to come between $5 million-$11 million USD for 2020. Alumifuel looks in the best shape since its start and from a reasonable perspective, due also to their new shareholders, assets it currently hold, their market awareness, projects, liaisons, and developments. Its financial health can be assessed by analyzing financial performance to overall market performance.
In other news, Alumifuel reported that Pedro Villagran Ochoa would be General Manager for Novofuel. Mr. Ochoa has extensive knowledge and experience in foreign investment. Also, he has a remarkable network within the Mexican Federal Government. This opens a whole new set of opportunities for the company, right from retaining excellent executives and making substantial progress in deal negotiations.