Anderson, South Carolina--(Newsfile Corp. - November 16, 2022) - JZZ Technologies Inc. (OTC PINK: JZZI) ("JZZ" or the "Company"), a diversified company focused on digital media, biotechnology acquisitions related to human life extension longevity and active lifestyle real estate development, has executed a Letter of Intent (LOI) with Oxygen Mortgage and Oxygen Management LTD LLC. (collectively "Oxygen") to jointly develop a diversified mortgage and real estate development company including real estate purchases, land package and site development, building design and construction, financing, and full-service real estate marketing and sales services.
Pursuant to the LOI, JZZ and Oxygen will create a new Joint Venture ("JV") in the next 90 days targeting real estate projects in South Carolina initially, and then nationally beginning in 2023. The soon to be named JV has already received investment commitments for an initial project under contract with JZZ Technologies for its first project to be marketed by Oxygen -a multi-unit complex near Clemson University. The total project value will exceed $1 million.
JZZ's rights in the JV will be site evaluation and selection, land use entitlement, project site development, project financing including non-exclusive debt and equity placement.
Oxygen's rights in the JV will be:
- the appointment of Oxygen as the exclusive Real Estate sales partner for all residential properties across the country; involved in the acquisition, planning, development, and sale of all residential and commercial properties
- full-Service Property Management for any portfolio properties for both short term rentals such as AirBnB and long-term rental properties such as single-family homes, condos, townhouses, or larger apartment buildings
- Partnership and operation of a full-service affiliated Mortgage Company capable of offering all clients an "in house" mortgage option at the time of purchase. This will also operate perpetually to capture refinance and future resell mortgage opportunities.
- a title agency joint venture for land title policies encompassing residential and commercial properties
Charles Cardona, CEO of JZZI, stated, "This new Joint Venture with Oxygen Mortgage is a tremendous opportunity for our two companies. Robert Egeland and his experienced team behind Oxygen Mortgage will give us the capacity to not only source and acquire new real estate projects, but also to handle the entire process through build-to-suit, sales and marketing, along with providing access to financing options for consumers for the projects once they are completed. In other words, we are creating a turnkey system for development that ensures high-quality projects within all aspects of the real estate development cycle in our own eco-system."
"This is a very direct path for us to create multiple revenue centers for both of our companies from all areas of the real estate development chain. Importantly, it will also allow us to provide quality real estate projects that are a model for development in the communities that we serve," Cardona added.
JZZ expects to announce further details about this project in the coming weeks as the JV is fully developed and ratified following customary due diligence. JZZ is also actively pursuing similar profile projects, as well as larger-scale projects in South Carolina and Florida.
About Oxygen Mortgage
Based in Boulder, Colorado, Oxygen Mortgage and Oxygen Management LTD. (oxygenmortgage.net) provide full-service mortgage financing for consumers including adjustable and fixed rate loans, FHA, VA and jumbo loans, as well as reverse mortgage financing. Its founder and CEO, Robert Egeland has more than 30 years of experience in building mortgage financing and title companies to success at the national level.
About JZZ Technologies, Inc.
JZZ Technologies, Inc. is a diversified company engaged in several business sectors. Its Active Lifestyle Digital media business includes online media and apps (activelifestylemedia.com), content creation, and digital marketing targeted to active adults 55+. Its strategic biotechnology and bioscience related to Human Life Extension seeks opportunities in quality of life businesses that support the aging population, and its Active Lifestyle Real Estate Development division is engaged in acquiring, managing, and operating commercial and residential real estate and housing development projects. For more information, please visit jzztechnologies.com.
Press Contacts:
JZZ Technologies, Inc.
Charles Cardona, CEO
ceo@jzztechnologies.com
DISCLAIMER and FORWARD-LOOKING STATEMENTS
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward-Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the Company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; and the volatility of the Company's operating results and financial condition. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct. Investors are cautioned that actual results may differ materially from the anticipated results.
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