SACRAMENTO, CA, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Sunstock, Inc. (the "Company" or "Sunstock") (OTCBB: SSOK) has purchased a 100 room hotel located in Kern County, California for $4,100,000. Sunstock has entered into contract to purchase this hotel, has opened escrow and is scheduled to close by January 12, 2018.
The management team, with over 20 years of hospitality industry experience, has identified a distinct need for clean, safe and affordable rehabilitation housing facilities. After purchasing the hotel, Sunstock plans to convert it in phases over a one year period to a no-frills rehabilitation housing facility that will provide a clean, safe room and transportation to clients enrolled in a substance abuse treatment program. During the conversion phase, Sunstock intends to simultaneously operate as a hotel, generating an estimated $700,000 in gross revenue.
Sunstock forecasts that the no-frills rehabilitation housing facility will generate over $10 million in gross revenue in the first 12 months of operation and over $20 million in gross revenue in the second 12 months, and thereafter.
Sunstock believes that these revenue predictions are sustainable and will prove to be a successful pilot project. Management plans to bring additional no-frills rehabilitation housing facilities to the California market and eventually expand nationally.
Sunstock set to complete its goal of acquiring over 125,000 ounces of physical silver by middle 2018. Sunstock believes that this precious metal is currently undervalued, and it is a strategic time to purchase more silver. Sunstock currently holds over 45,000 ounces of silver.
Sunstock’s business strategy combines income producing real estate properties with investments in precious metals.
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