Lake Forest, California, May 28, 2014 (GLOBE NEWSWIRE) -- SearchCore, Inc. (OTCQX: SRER), a manufactured housing retail center owner and operator, announces the sale of the www.ManufacturedHomes.com domain name, software and related properties for $1,000,000.
As part of the transaction of the sale of www.ManufacturedHomes.com the company will receive a secured promissory note equaling $1,000,000, and an unlimited number of premiere subscription packages for its retail centers on www.ManufacturedHomes.com. The company also assigned approximately $150,000 worth of debt to the buyer, and decreased its overhead expenses by approximately $30,000 a month.
The sale of manufacturedhomes.com confirms the company's objective of exiting the finder site business and focusing its resources on opening and operating manufactured home retail centers. The company recently opened 3 manufactured home retail centers in Texas, and anticipates having a total of 6 locations before the end of the year. The company completed its first manufactured home sale recently, and has twenty five pending transactions in various stages in its pipeline at its locations. The Company is continuing to look for acquisition targets, or site locations, for manufactured home retail locations throughout the Midwest.
The company's retail centers are operated under the name Wisdom Homes Of America, Inc. and are managed by President Brent Nelms, a 30 year veteran of the manufactured housing industry. Among other accomplishments, Mr. Nelms was previously responsible for overseeing 33 manufactured home retail centers generating over $100 million in annual revenue.
CEO James Pakulis states, "Our management team has successfully operated retail centers with over $100 million in revenue, and the real estate market is very favorable for the manufactured home sector, especially in the Midwest, where we're located. The quality and aesthetics of manufactured houses, compared to just ten years ago, is dramatically better. Combining that with affordability and an increase in financing options leads us to believe there's going to continue and be a growing interest in manufactured homes throughout the U.S. over the next three to five years, and we're planning on being well positioned for that growth."
About SearchCore, Inc. SearchCore, Inc. is a manufactured housing retail center owner and operator. Founded in 2010, SearchCore is headquartered in Tyler, Texas. The Company's common stock trades on the OTC
Market's highest tier, OTCQX, under the ticker symbol "SRER." www.SearchCore.com ;
Safe Harbor Notice Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). SearchCore, Inc. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. SearchCore, Inc. undertakes no obligation to revise these statements following the date of this news release.