SALT LAKE CITY, UT / ACCESSWIRE / December 12, 2023 / Arvana Inc. (OTC PINK:AVNI) is pleased to announce that it has signed a non-binding memorandum of understanding (MOU) to acquire FirstShot Centers, LLC, a business development company intent on expanding its specialty use concept to acquire and repurpose vacant commercial real estate. The decision to venture into real estate aligns with Arvana's mission to enhance stockholder value by capitalizing on fixed business opportunities.
Online shopping is a multi-billion-dollar industry that has changed the retail landscape. Empty shopping malls, big box stores and superstores are for sale across the United States at prices that are a fraction of replacement cost. FirstShot intends to acquire and repurpose these types of undervalued commercial properties to attract new tenants from targeted industries that offer goods or services that are not available online.
The MOU anticipates that the purchase price to acquire FirstShot will be paid in shares of Arvana's restricted common stock in addition to Arvana's commitment to fund FirstShot's business plan.
"Arvana is a great platform to roll up vacant or underused real estate, to instill new purpose and value into the many empty spaces that dot the commercial landscape," said Ruairidh Campbell AVNI's chief executive officer.
The MOU with FirstShot is non-binding and subject to the mutual satisfaction of customary due diligence in advance of finalizing the terms of a definitive agreement.
For additional information concerning the prospective transaction, please refer to Arvana's filings with the Securities and Exchange Commission or contact us directly.
Arvana Inc.
Arvana ("OTC PINK:AVNI") is a public company registered under the Securities & Exchange Act of 1934, as amended, that is quoted on the OTC Pink Sheets Current Information Alternative Reporting platform.
FirstShot Centers, LLC
FirstShot is a Nevada based company intent on expanding its specialty use concept to acquire and repurpose vacant shopping malls, outlet locations and big bog stores throughout the United States to attract new tenants from targeted industries that offer goods or services that are not available online. Bondock LLC, the controlling stockholder of Arvana, owns FirstShot.
Website: https://firstshotcenters.com
Forward-Looking Statements
Several statements contained in this press release are forward-looking statements of future expectations based on currently available information that are subject to risks and uncertainties including general economic conditions, changes in capital markets, regulatory legislation, and other circumstances that may cause actual results to be materially different from those expectations. Arvana does not make any representation or warranty, express or implied, as to the accuracy, completeness, or status of such statements so it will not be liable for any decision made or action taken in conjunction with the information and/or statements contained in this press release. Arvana encourages the public to read the information provided in conjunction with its recent filings on Form 8-K, Form 10-Q and Form 10-K, which may be viewed at www.sec.gov.
Contact
Ruairidh Campbell, Chief Executive Officer
Phone: +1 801-232-7395
Email: [email protected]
Website: https://arvana.us
SOURCE: Arvana, Inc.