CHARLOTTE, N.C., Feb. 17, 2021 (GLOBE NEWSWIRE) -- CAVU Resources, Inc. (“CAVU Resources” or the “Company,”) (OTCPK: CAVR) reported preliminary results for its fourth quarter and full year ended December 31, 2020.
Revenue for the fourth quarter is expected to total $8.03 million, up 727% from $0.97 million in the third quarter of 2020. Revenue for the full year is expected to total $10.52 million, a company record.
Net income from 2020 sales is expected to exceed $2.2 million; of which $451,000 will be recognized in 2021 as a result of the successful closing of the previously announced Toll Brothers (NYSE: TOL) deal.
In a report published by Realtor.com, Charlotte was ranked as the best housing market in the Southeast in 2021, with a predicted growth rate of 19.0%.
“The Charlotte real estate market has been on fire, as evidenced by our strong Q4 2020 results,” stated Sinacori Builders President, Russell Sinacori. “Momentum has carried into 2021, with January revenue totaling $0.96 million. In addition, our in-contract single-family homes plus previously announced JP Orleans and TRI Pointe Homes (NYSE: TPH) deals total more than $11.3 million, which would surpass our entire 2020 revenue upon closing.”
CAVU Resources’ board of directors' member, Tim Samuels, commented, “There has been no shortage of opportunity in the Charlotte and Southeast markets. Working closely with Russell to bring only the best of the best deals to the table, I am happy to announce that a multi-hundred-lot contract has been secured, with additional details to follow in the coming weeks. Furthermore, multiple promising large-scale projects have been identified in South Carolina and Florida with due diligence on-going.”
“Our real estate division has been firing on all cylinders, and I am excited to share with our loyal shareholders that there are multiple positive developments coming in the near future, including, but not limited to, a corporate re-branding (new company name, website, and stock symbol) and audited financial statements to satisfy OTCQB up-listing requirements,” added CAVU Resources CEO Bob Silver.
About CAVU Resources Inc.
CAVU Resources Inc. is a synergistic suite of technology driven companies that create a lifestyle brand targeting the Millennial / Gen Z demographic to support how they Live, Learn, Socialize, and Stay Healthy. To learn more, visit www.cavuresource.com
About Sinacori Builders
Sinacori Builders, a CAVU Resources company, is a technology-driven real estate company with more than 13 million dollars in assets and over 11 million dollars in secured contracts/closings in 2021. This wholly owned CAVU subsidiary has a strong foothold in Charlotte, North Carolina, and is expanding its footprint throughout the Southeast. The Company plans on growing its brand and enhancing shareholder value by leveraging its connections with the country's top builders to become a national player. To learn more, visit www.sinacoribuilders.com
Forward-Looking Statements:
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell its products; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and, the Company's business, research, product development, marketing and distribution plans and strategies.
Company Contact:
Russ Sinacori
Email: Russ@SinacoriBuilders.com
704-564-2372