First Colombia Gold Acquires Large Car Wash Operation
NASHVILLE, TN--(Marketwired - Feb 4, 2016) - First Colombia Gold Corp. (OTC PINK: FCGD) announced today that it has reached an agreement to purchase a full service car wash located in Bluffton, South Carolina. The car wash location has a current appraisal valuing the property at $860,000 and is currently doing $500,000 in annual revenue. The company has made growth in the retail space a key focus of its growth strategy and has put a lot of focus on the convenience store and car wash sectors.
The company's CEO, Jason Castenir, stated, "When we launched our master plan to retool this company and bring it back into a profitable enterprise, we really put in place three areas of emphasis. We wanted to focus on the commercial fuel markets through our terminal locations and grow our fuel resale business, we wanted to have a strong retail presence through convenience store, truck stop and car wash facilities and we wanted to develop our quick serve restaurant business and utilize that brand within the convenience stores locations. This car wash we are announcing today is a very high quality acquisition and a tremendous business that we were able to put in place. This equates to more than $40,000 per month in revenue for our company with great profit margins already in place."
The company also reiterated its commitment to complete the 11 convenience store acquisition and plans to update the market in the coming weeks on the specific dates for that closing. Mr. Castenir added, "We are very excited about the revenue possibilities through these acquisitions and fully expect our revenue to increase substantially."
Disclaimer
This release contains forward-looking statements that are based on beliefs of First Colombia Gold Corp. management and reflect First Colombia Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of First Colombia Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, First Colombia Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company's filings with the SEC including 10K, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. There is no assurance First Colombia Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company's due diligence on the potential acquisition of oil and gas assets will be favorable nor that definitive terms can be negotiated. Information in this release includes representations from the private companies referred to which has not been independently verified by the company. A downturn in oil prices would affect the potential profitability of the proposed acquisition negatively.
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