Strategic Internet Investments Incorporated Enters Into Letter of Intent for the Development of the Port Residence Project in An
06 Febbraio 2008 - 2:16AM
Marketwired
VANCOUVER, BRITISH COLUMBIA ("SIII") has entered into a Letter
of Intent with certain property owners ("Landowners"), and Al
Habeeb & Al Mokairesh Commercial Brokers LLC ("Habeeb"), and G7
Entertainment Ltd. ("G7") and Muzaffer Ataman ("Ataman"). SIII has
the potential to acquire by option up to a 100% indirect interest
in the Port Renaissance Project (the "Project") in Calkaya, near
Kundu Antalya, Turkey by purchasing the outstanding shares of a
Turkish company ("TurkCo") that will be incorporated to hold and
own 100% of the Project.
The Port Residence Project is a real estate development project
located on 16.5 acres of land and when completed will consist of
eleven multi-storey buildings with 396 residential units.
Construction of three of the buildings, Phase 1, has commenced and
is expected to be complete in one year's time, subject to securing
funding.
Under the Letter of Intent SIII will be granted two options to
purchase up to 100% of the outstanding shares of TurkCo. An
"initial option" will allow SIII to purchase up to 30% of the
outstanding shares of TurkCo. Upon full exercise of the initial
option, SIII shall be entitled to exercise a "second option" to
purchase the remaining outstanding shares of TurkCo.
Compensation to be paid to the shareholders of TurkCo shall, at
the choice of SIII, will be paid either in cash or by issuing
common shares of SIII. Any issuance of common shares of SIII would
occur as of the date of the Option Exercise Notice, under a
Restricted Rule 144 Reg. S share issuance. The shares would be
issued at the higher value of either USD $2.00 per share, or the
discounted market price of SIII shares, as quoted on the OTC:BB
whereby the "Discounted Market Price" is defined by calculating the
previous 10 day average closing share price from the exercise date
in question, and reducing that price by a 25% discount.
Initial Option Exercise Schedule
1. 10% of the outstanding shares of TurkCo can be purchased upon
Project construction expenditures equaling or exceeding 33% of the
total budgeted costs.
2. An additional 10% (cumulative 20%) of the outstanding shares
of TurkCo can be purchased upon construction expenditures equaling
or exceeding 66% of total budgeted costs.
3. An additional 10% (cumulative 30%) of the outstanding shares
of TurkCo can be purchased upon construction expenditures equaling
or exceeding 100% of total budgeted costs.
Second Option
The Second Option may only be exercised by SIII upon full
exercise of the Initial Option.
G7 is a related party to the Company. Mr. Abbas Salih, Director
and controlling shareholder of SIII is also the controlling
shareholder of G7, owning a 51% interest in G7 and therefore, the
contemplated agreement outlined above is a non-arms length
transaction.
SIII management wishes to caution shareholders and investors
that the LOI is, by nature, a preliminary document and although
binding, the business arrangement outlined requires that all
Parties to the LOI complete more formal agreements outlining the
details of the business arrangement. Additionally, the Project
requires that considerable capital be raised through a combination
of pre-sale of residential units, loans and equity financings.
Although the parties to the LOI are confident that full funding can
be realized, there are no assurances or guarantees that the
necessary funding can be raised and the Project successfully
realized.
Termination of Letter of Intent for Renaissance Project,
Strategic Internet Investments Inc. ("SIII") wishes to advise
shareholders that it has terminated its involvement in the
Renaissance Residence Project in Antalya, Turkey and holds no
further interest in that project.
On Behalf of the Board,
Mr. Abbas Salih, Director
Statements regarding financial matters 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 statements about the Company's future
expectations, including future revenues and earnings, and all other
forward-looking statements be subject to the safe harbors created
thereby. Some of the factors that could cause actual results to
differ from expected or desired results are funding not being
secured, agreements not being completed in a timely manner,
political climates and other issues. Since these statements involve
risks and uncertainties and are subject to change at any time, the
Company's actual results may differ materially from expected
results.
Shares issued: 26,560,326
Sec # 33 - 28188
Contacts: Strategic Internet Investments Inc. Ralph Shearing
(604) 684-8662 (604) 684-3829 (FAX) Email: info@siiincorporated.com
Website: www.siiincorporated.com
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