San Clemente, California, Sept. 20, 2017 (GLOBE NEWSWIRE) -- SUNSET ISLAND GROUP, INC. (OTCQB: SIGO) announced today that the company has reached a preliminary agreement to acquire an additional 32,000 square feet of cannabis grow space which includes a 2 ½ year lease with two 5-year renewal options.
CEO T.J. Magallanes stated, "Nothing creates a sense of urgency like a long term lease, so our entire team will be moving quickly to meet our own internal projections and to meet demand for product. We have an excellent team of a little over 20 experienced people now and additional personnel will be added along the way as we ramp up production.”
Mr. Magallanes continued with, “Recently we began development and growth of an additional six thousand square feet literally within a few yards of our existing facility. These six thousand square feet was a small part of a 32,000 square foot facility and as luck would have it, the original occupants have decided to step away and the opportunity was too great for us to pass up, so we have agreed to acquire the 32,000 square feet from the original occupants. All of it will be used for grow space.”
Mr. Magallanes also stated, “Our original 22,000 square foot facility is comprised of 10,000 square feet of grow space and 12,000 square feet for drying, trimming, etc. Once fully developed, these two facilities combined will encompass 54,000 square feet, 42,000 of which will be strictly grow space and the remaining 12,000 will be used strictly for prep. Our goal for phase one of expansion remains 152,000 square feet of greenhouse space and this strategic move is a step that gets us to that point much faster than originally anticipated.”
Mr. Magallanes went on to say, "We continue to have the same or similar questions asked via phone calls and emails, so let me once again cover a few of the most recent questions and answers. As of today, we currently have 4,671,771 shares outstanding. Yes, revenue from cannabis clones is a very real opportunity for us and as we ramp up, clone revenue alone could be in the millions of dollars by this time next year. Yes, we continue to believe that $200 per square foot of grow space annually is a very conservative, but realistic expectation going forward. Yes, we have the funding necessary for expansion and no, neither Valerie or I will take any salary going forward; only monthly dividend payments, the same as our shareholders. Yes, officer shares are in fact locked up for three years minimum as they convert three years from conversion date, but we don’t have any real reason to ever convert those shares because as we’ve shared before, we are building this business to become an attractive acquisition target and whether that takes two years, three years or five, our shares are more about maintaining majority ownership than anything else. And finally, no, we do not have any significant debt as a company and we plan to keep it that way for the very same reasons.”
Mr. Magallanes finished up with, “We want to thank those who took the time to visit our facility this past weekend. We enjoyed seeing a lot of you and we look forward to the next one that will be held in October. As always, we thank you for support.”
https://www.sunsetislandgroup.com/
https://www.sunsetislandgroup.com/pictures-from-shareholder-event
http://www.mapalagro.com/site/en/pages/homepage.asp
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.