BEVERLY HILLS, CA / ACCESSWIRE / August 12, 2016 / Beverly Hills Group Inc. (OTCPK: BHGI), Announces the advancement of $1.4 million to Grupo Richard.
Beverly Hills Group Inc. (BHGI) is pleased to announce the advancement of approximately $1.4 million dollars funded to date, from a third party to Grupo Richard-Operadora in preparation for the closing of the remaining acquisitions and assets.
The acquisition agreement is funded by a combination of cash and fully restricted equity shares of BHGI. The company will receive real estate which has been appraised by "Jaramillo y Asociados," to have a value of approximately $47 million dollars, with equity of approximately $45 million dollars.
The business operations and assets of the three remaining Grupo Richard companies identified in the first acquisition agreement are being acquired as well:
(1) Grupo Internacional Richard
(2) Grupo Richard y Lange
(3) Asesores en Comercio ON de Mexico
Our management views this is as just the beginning of our relationship with Grupo Richard. Our long-term vision is to expand the footprint of our newly-acquired companies within Mexico and Latin America under the BHGI umbrella.
Grupo Richard continues to diligently maintain and create beneficial relationships within Mexico, which in turn creates opportunities for further growth of BHGI.
(Values based on 2016 appraisals and may fluctuate with the daily exchange rate or other market variables).
Sincerely yours,
Jacob Thomas
Chairman of the Board
Beverly Hills Group, Inc.
ABOUT BEVERLY HILLS GROUP
Beverly Hills Group Inc. is a multi-faceted company with current diverse investments in Mexico, including retail convenience stores, wholesale distribution, construction, real estate development, banking and financial services. Its objective is to grow through strategic acquisitions, focusing first on the increasing consumer awareness and demand in the Mexican and Latin American markets. Once these strategic acquisitions are procured and integrated into the long term objectives of the company, Beverly Hills Group will provide investment capital, preeminent modern business practices and best-in-class management to cultivate and mature these companies to their greatest potential.
FORWARD-LOOKING STATEMENTS
This shareholder update may contain a number of forward-looking statements. Words and variations of words such as: "expect”, "goals", "could", "plans", "believe", "continue", "may", "will" and similar expressions are intended to identify our forward-looking statements, including but not limited to: our expectation for growth, benefits from brand-building, cost savings and margins.
These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in our forward-looking statements. Such factors include, but are not limited to: continued volatility of, and sharp increase in: costs/pricing actions, increased competition, risks from operating internationally, consumer weakness, weakness in economic conditions and tax law changes.
SOURCE: Beverly Hills Group Inc.