Sylios Corp’s Subsidiary 1720 RCMG, LLC Initiates Development of its Self-Storage Facility
ST. PETERSBURG, FL, Aug. 05, 2019 (GLOBE NEWSWIRE) -- Sylios Corp (OTC Pink: UNGS), a holding corporation, which through its subsidiaries, has operations engaged in the exploration and development of oil and natural gas properties, purchase of royalty and working interest units in producing properties (oil and natural gas) and alternative land development projects is pleased to inform shareholders that its wholly owned subsidiary, 1720 RCMG, LLC (“RCMG”), has initiated the development of its self-storage facility in Macon, GA.
The Company has finalized the design concept of its self-storage facility. At present, the facility will contain 194 units and 15 boat/RV parking spaces. The current make-up of the units is 130 climate-controlled units and 64 exterior units. The final number and make-up of the units will be determined after the Company receives comments from the planning and zoning commission of Bibb County. The facility is being developed on the Company’s commercial land that was purchased in October of 2018.
The Company’s projected revenue from the facility is between $250,000 and $275,000 annually based on 92% occupancy. The projected cost to develop the facility including land acquisition cost, design, land prep, engineering, permitting, materials and labor is approximately $520,000. The Company’s long-term goal for RCMG is to develop or acquire 3-4 additional self-storage facilities through the remainder of 2019 and throughout 2020 and eventually sell the subsidiary or look to spin-out the subsidiary in a similar fashion as it did with The Greater Cannabis Company, Inc. (“GCAN”) and AMDAQ Corp.
The Company anticipates that the design and engineering reports will be finalized on or before August 30, 2019, which will then will be submitted to the planning and zoning commission for approval or revision. Land prep will begin in early September to be followed by pouring of the concrete foundation and ultimate construction of the self-storage facility.
The company also wishes to notify all shareholders and persons of interest that Sylios Corp will be making announcements and updates via social media. Updates can be found at our newly created social media channel on Twitter: https://www.twitter.com/Sylios_Corp.
About Sylios Corp
Sylios Corp, based in St. Petersburg, FL, is a holding corporation, which through its subsidiaries, has operations engaged in the exploration and development of oil and natural gas properties, purchase of royalty and working interest units in producing properties (oil and natural gas) and alternative land development projects. The Company maintains equity investments in our two spin-offs (The Greater Cannabis Company, Inc. and AMDAQ Corp) catering to the medical and recreational marijuana industry and blockchain technology. For further information, please visit the Company’s website at www.sylios.com.
Forward Looking Statements and Disclaimer Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations.
