Tyler, Texas, Oct. 28, 2014 (GLOBE NEWSWIRE) -- SearchCore, Inc. (OTCQB: SRER) a manufactured housing retail center owner and operator that operates its retail centers through its wholly owned subsidiary Wisdom Homes Of America, Inc. announces agreements to acquire residential lots in an attempt to provide a solution to increased housing demand in Texas.
Today, the company announces that it has entered into agreements to acquire 15 residential lots located in the Tyler, Texas area. The 15 residential lots range from approximately a quarter to a half-acre. The company anticipates having all or a majority of the lots sold within 90 days.
"There's an explosive growth taking place in the oil and gas sectors in Texas and we are positioned to address this increasing housing demand by offering a complete manufactured home package deal whereby our goal is to significantly reduce the time it takes to move workers and their families into homes and get them to the job sites as quickly as possible." Stated Jim Pakulis, CEO.
75 percent of all new jobs in the U.S. oil and gas industry were in Texas during 2013. According to the "State of Energy Report" by the Texas Independent Producers & Royalty Owners Association, there was an increase of 23,100 jobs in 2013 over 2012 in oil and gas employment in Texas for a total of 411,600 jobs.
The oil and natural gas production from the Eagle Ford Shale Region of Texas generated an estimated $87 billion in total economic output for Texas, supported nearly 155,000 full-time jobs in 2013, and is estimated to support more than 196,000 jobs and generate $137 billion in total economic output for Texas by 2023, according to a recent study from the University of Texas at San Antonio, Institute for Economic Development.
The lack of housing options has generated new demand for manufactured homes in the Eagle Ford and Barnett Shale regions in Texas, according to the Manufactured Housing Research Report by Marcus & Millichap.
"By significantly decreasing the time to close a manufactured home sale while still providing a beautiful and affordable home on a large tract of land, we believe that we are offering workers and their families an attractive solution to the housing shortage while providing a valuable service to the oil and gas industry of Texas." Commented Brent Nelms, President of Wisdom Homes of America, Inc.
About SearchCore, Inc.
SearchCore, Inc., founded in 2010, is a manufactured housing retail center owner and operator. The company is headquartered in Tyler, Texas. The Company's common stock trades on the OTCQB, under the ticker symbol "SRER."
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.