Williamsville Sears Announces That Femab Properties Has Signed an MOU with the Nigeria’s Federal Defense Department
NEW YORK, June 26, 2018 (GLOBE NEWSWIRE) -- Williamsville Sears Management Inc. (OTC:WSML) (“WSML” or the “Company”) is pleased to announce today that Its recently acquired subsidiary Femab Properties Limited has entered into a Memorandum of Understanding with the Association of Senior Civil Servants of Nigeria (ASCSN) Ministry of Defense Abuja to develop over 1,000 houses for their members and other Federal Ministries, Departments and Agencies within different locations across the nation. These will be houses for the Nigerian Navy, Marine and Air Force. Members of ASCSN are comprised of Nigerian Army, Navy, Marine and Air Force, and the project is expected to generate more than $40 million annually once commenced.
Abiodun Aguda, the Chief Executive Officer of Femab Properties Limited, stated, “Nigeria is a huge market with a housing deficit of about 14 million and we intend to work tirelessly to bridge that gap. While this project is projected to rake in more than $40 million annually at the initial stage, we also intend to aggressively increase this figure in the next 5 years.”
Amanda J. Wester, the Chief Financial Officer of Williamsville Sears Management, Inc., stated: “This military housing project will certainly result in a lift in Nigeria’s economy as well as provide necessary housing to civil servants. The project is one of many real estate development needs in Nigeria where Femab Properties is well positioned to meet that demand. This is great news for our shareholders.”
The Chairman & CEO of Williamsville Sears Management, Inc., Kent A. D. Clark stated, “The housing shortage has been one of the key points we have focused on when we look at the quality of life for families and Communities. We are very pleased to be expanding our portfolio area so quickly after adding Femab Properties Limited to the WSML Family of companies. We look forward to seeing the development very soon, so we can report the progress to our Shareholders.”
About Williamsville Sears Management Inc.
Williamsville Sears Management is a diversified holding corporation that was formed by Mandla J. Gwadiso. The group operates its own assets through a range of subsidiary companies up under its purview. The group’s primary focus is in real estate, mining, media, transportation, entertainment and technology. The group uses vertical integration as a strategy of diversification and growth. The group plans to grow through acquisitions in Africa, United Kingdom and the United States.
Williamsville Sears Management actively seeks a select portfolio of high-calibre strategic subsidiaries which it acquires based on market trends and their ability to deliver strong returns to shareholders whilst enhancing the communities in which the investments are located. www.williamsville.us
About Femab Properties Limited
Femab Properties Limited is a limited liability company incorporated in the year 1999. The company is into full range of real estate development and allied services such as Technical Consulting, Civil & Engineering Construction, Projects Management, Facilities Management, Property Sales & Letting and Estate Development.
Being a dynamic company with seasoned professionals, Femab Properties Limited has single-handedly executed diverse real estate projects, some of which are: Dream Home Estate at Ikorodu, Peninsula Garden Estate at Ogombo - Lekki, Diamond Estate 1 at Sangotedo - Lekki, Lagos. The company is presently coordinating more upscale projects namely; Diamond Estate 2 at Sangotedo – Lekki, Platinum Gate Estate at Alaka – Surulere, Association of Nigerian Physicians in America (ANPA) in addition to federal and state government mass housing projects in Nigeria.
The company operates subsidiaries in Blockmaking, Quarry, Haulage and Logistics and has a strategic partnership with a reputable international Dredging firm. http://femabproperties.com/
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
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