Company to Develop 250 Acres of Land into Residential Housing in Fast-Growing Part of Houston
MONTREAL, October 21st, 2015 (GLOBE NEWSWIRE) — ROI Land Investments Ltd. (OTCQB: ROII) (“ROI” or the “Company”), a diversified real estate land development investment company, announced today it has entered into a binding agreement to acquire 250 acres, or 10.9 million square feet, of land in Montgomery County, Texas for approximately $8.3 million. ROI intends to develop 900 residential housing units on the property, which is located 40 miles northwest of downtown Houston and adjacent to the city of Conroe. The acquisition is expected to close in the first quarter of 2016.
“We are excited to announce our second project in the U.S., where we continue to find development opportunities that match our rigid criteria and provide compelling returns on investment,” said Philippe Germain, President of ROI. “Montgomery County’s economy is strong, driven by high incomes and robust energy, engineering, and professional services industries. The new Dallas-Houston bullet train, is also expected to increase migration to the area and push the already strong demand for housing even higher.”
Beginning in 2016, ROI intends to develop the 900 lots in approximately four phases. The project will take six years to complete and will include patio homes, parks and single-family homes of varying sizes. The Company plans to partner with a local construction company to build and market the units.
Marc Andre Levesque, Chief Operating Officer of ROI, added, “This acquisition is consistent with our strategy to develop quality housing in areas that are undergoing an economic transformation or that have an impending catalyst. Due to its location in the Houston metropolitan area and near Conroe, one of the fastest growing cities in the U.S., we are enthusiastic about this opportunity.”
Conroe is the only city in the Houston area on the U.S. Census’ list of the top 15 fastest-growing cities with populations over 50,000. The Census reports that the city’s population jumped over 5% from 2013 to 2014 to 65,871. Additionally, Montgomery County is in close proximity to multiple transportation networks, providing convenient access to several employment centers throughout the region. Households in the area have considerably higher incomes compared to those in greater Houston due to the abundance of nearby energy, engineering and professional services jobs. The area also benefits from being part of a renowned and strong school district. New elementary, middle and high schools will open in 2017–2018, which is expected to further fuel demand for housing.
About ROI Land Investments Ltd.
ROI Land Investments (OCTQB: ROII) participates in the early stages of real estate development. The Company acquires raw land free of zoning restrictions located in geographies positioned to benefit from unique economic catalysts. ROI also manages the permitting process, oversees the construction of infrastructure and works closely with established developers to bring the projects to completion. The Company has projects underway throughout North America and the UAE.
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This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial conditions or results of operations; (iii): the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may”, “would”, “will”, “expect”, “estimate”, “anticipate”, “believe”, “intend”, and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements, as a result of various factors including the risk disclosed in the company’s statements and reports filed with the US Securities & Exchange Commission. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
KCSA Strategic Communications
Brad Nelson / Elizabeth Barker
212-896-1249 / 212-896-1203