May 24, 2018 - 9:13 AM EDT
Print Email Article Font Down Font Up Charts

Sparta Capital Ltd. Announces Acquisition and Financing of Property by its ReECO Tech Property Conversions Division




Sparta Capital Ltd. Announces Acquisition and Financing of Property by its ReECO TechTM Property Conversions Division

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.



Calgary, Alberta (FSCwire) - Sparta Capital Ltd. (TSXV: SAY) (the “Corporation” or “Sparta”) is pleased to announce that its Re-ECO Tech™ Property Conversions Ltd. (“ReECO Tech™”) has completed the acquisition and refinancing of a residential development property in Picton, Ontario (the “Property”). The Property was purchased for $6,525,000.00 and is being refinanced with a new mortgage in the principal amount of $5,170,000.00 with an institutional lender at industry standard rates and terms. The Property has draft plan of subdivision approval for approximately 220 single family homes that back onto a 440 acre conservation area, yet is just a 10-minute walk from downtown. The ReECO TechTM vision is to develop an environmentally responsible community utilizing various efficient technologies offered under the Sparta Group of Companies’ umbrella.

 

“Decisions made during the development of communities from materials and HVAC to forms of energy and structure orientation can all help improve energy efficiency while reducing greenhouse gas emissions. We hope this division of our company will give us the opportunity to demonstrate how engineering in small changes up front can result in big future benefits. The fact that we are planning to transform a decomissioned WWII military property into a smart community nestled against the picturesque MaCaulay Mountain with easy access to 40 wineries and just a short drive from the Sandbanks is very exciting,” said John O’Bireck, President of Sparta Capital Ltd.

 

ReECO Tech™ is a newly formed property development division created to utilize earnings and to implement the technologies from other Sparta divisions into environmentally responsible community developments. The vision is to use best landscaping practices, fully integrated smart home technologies, and other sustainable design applications with the intention of safeguarding homeowners from rising energy costs.

 

Net zero homes are a way for people concerned about their carbon footprint to take the next step to saving energy. The Canadian Home Builders’ Association describes these homes as up to 80 percent more energy efficient than traditional homes. Interest in this type of building is growing not only because net zero home construction is able to protect the homeowner from future energy price increases but also because it can improve air quality – an appealing prospect for allergy and asthma sufferers. Market research firm, Lux Research estimates that zero energy buildings and near-zero energy buildings will grow to be a 1.3 trillion-dollar market globally by 2025.

 

About ReECO Tech™:

 

ReECO Tech™ is the collective term for a group of conversion technology companies that collect waste materials with a focus on converting such waste streams into new usable forms while helping develop environmentally sustainable ecomomies. ReECO provides a viable option for helping manufacturers reduce waste, save resources, save money and lower their carbon footprint. 

 

About Sparta:

 

Sparta Capital Ltd. is a company that owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions and increase operating efficiencies in various industries. Sparta’s network of independent businesses provide a wide range of specialized energy capturing, converting, optimizing and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning and other shared services to its independent businesses.

 

Sparta is a publicly-traded company listed on the TSX Venture Exchange under the symbol “SAY”. Additional information is available on our website at www.spartacapital.com or on SEDAR at www.sedar.com.

 

For further information please contact:

 

Teresa Madaleno, Communications

Email: [email protected]

Telephone: (416) 877-3915

 

Cautionary Statements

 

This news release contains “forward-looking information” within the meaning of applicable securities laws. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this news release and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. In particular, this news release contains forward-looking statements relating to, among other things, statements pertaining to anticipated future operations of the Corporation and actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, necessary financing and risks associated with the environmental technologies industry in general. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.







Source: Sparta Capital Ltd. (TSX Venture:SAY)

To follow Sparta Capital Ltd. on your favorite social media platform or financial websites, please click on the icons below.


 

Maximum News Dissemination by FSCwire. https://www.fscwire.com

 
 

Copyright © 2018 FSCwire






Source: FSCwire (May 24, 2018 - 9:13 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice