Under the Symbol:
Post Due-Diligence, FAVO Realty Inc Withdraws From Making a Formal Offer to Acquire OrbVest Limited Citing Multiple Risks
Monday, June 24, 2019 7:00 PM
- Short & Long-Term Risks on a Portion of the Portfolio
- Non-Performance and Concerns Regarding Valuations and Structures on Several Investments
GARDEN CITY, NY / ACCESSWIRE / June 24, 2019 / FAVO REALTY, INC (OTC PINK: FAVO):
FAVO REALTY, INC, a real estate investment company, decided post due diligence to retract its offer to acquire Orbvest Limited (ORB - Incorporated in the Republic of Seychelles on October 5, 2015 and began trading on July 1, 2018; Share Code ORB; ISIN: SC9998EIJC16).
Vincent Napolitano, the Founder and CEO of FAVO Realty Inc, stated, "During our due diligence process we found some items that we felt could pose long-term risks to FAVO and our shareholders." He added, "Some of the investments just did not fit our criteria."
Shaun Quinn, President Of FAVO Group, LLC added, "Some of the best deals are the ones you don't make."
McMurdo Law Group, LLC is acting as Legal Advisors to FAVO Realty Inc.
More About FAVO Realty Inc:
FAVO REALTY, INC is a real estate investment company which intends to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments located throughout the United States and Puerto Rico. " FAVO" is "Honeycomb" in Latin - The Honeycomb (Hexagon) is the most efficient shape in the universe. FAVO Realty Inc. intends to be Efficient, Flexible & Durable.
More About FAVO Group, LLC:
FAVO GROUP, LLC is the External Manager of FAVO Realty Inc. (FAVO - OTC Markets). They were founded by a Group of Real Estate and Capital Market professionals with over 100 years of collective experience and have transacted in over $6 billion of Real Estate related transactions. www.favogrp.com.
More About OrbVest Limited:
OrbVest Limited ("ORB" - Incorporated in the Republic of Seychelles on October 5, 2015 and began trading on July 1, 2018; Share Code ORB; ISIN: SC9998EIJC16) is a global real estate investment company that uses an online platform where investors can invest as little as $5,000 US. OrbVest invest directly into low risk commercial real estate assets primarily in healthcare sector. www.orbvest.com.
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SOURCE: FAVO Realty, Inc.