SPZI: JP 3E Holdings, Inc. Receives $23 Million, Purchasing Kokomo, Indiana Harmony Villas Project & Adds Rocky H. Singh to its Team

Rhea-AI Summary

JP 3E Holdings, Inc., formerly Spooz Inc., secures $18,000,000 funding from the city of Kokomo, IN, and the state of Indiana for the Harmony Villas Project. The project, managed by Rocky H. Singh, will receive an additional $5,000,000 investment. The development will include residential and commercial buildings, apartments, townhouses, retail spaces, and a hotel, with an estimated $112,000,000 in capital expenditures. Upon completion, the project is expected to be valued at $192,000,000, generating $14,000,000 in net income annually. The strategic location near the Stellantis N.V. and Samsung SDI electric vehicle battery manufacturing operations in Indiana positions Harmony Villas to cater to the influx of workers and their families.

Positive

• JP 3E Holdings, Inc. secures significant funding of $18,000,000 from the city of Kokomo, IN, and the state of Indiana for the Harmony Villas Project.
• Rocky H. Singh, a newly appointed Director, will manage the project and contribute an additional $5,000,000 for its development.
• The project encompasses a mix of residential and commercial buildings, including 500 apartments, 42 townhouses, 40 retail spaces, and a 4-star hotel with a total capital expenditure of $112,000,000.
• Upon completion, the project is projected to be valued at $192,000,000, with an expected annual net income of $14,000,000.
• The strategic location of Harmony Villas near the expanding electric vehicle battery manufacturing operations in Indiana positions it ideally to cater to the workforce and their families.
• JP 3E Holdings, Inc. plans to break ground in March 2024 and aims to offer townhomes for sale by June 2024 to accommodate the growing local community and Samsung factory workers.
• Rocky H. Singh, with extensive experience in real estate development and a successful track record, will oversee the Harmony Villas Project.

Negative

• None.

JP 3E Holdings, Inc., formerly Spooz Inc., receives $18,000,000 from the city of Kokomo, IN and the state of Indiana to fund the Harmony Villas Project. Rocky H. Singh, as a newly added Director, will manage the Harmony Villas Project and will add an additional $5,000,000 for the project

CLEARWATER, Fla., Feb. 28, 2024 (GLOBE NEWSWIRE) -- JP 3E Holdings, Inc., formerly Spooz, Inc. (OTC: SPZI), receives $18,000,000 from the city of Kokomo, IN and the state of Indiana to fund the Harmony Villas Project. Rocky H. Singh, as a newly added Director, will manage the Harmony Villas Project and will be adding an additional $5,000,000 by investment into JP 3E Holding Inc. for the project.

JP3E purchased the 23 acres of land for the project. All permits and required paperwork were filed and approved, ready to break ground in the near term.

The Harmony Villas Project is strategically located directly across the street from the city and the state approved $3.2 Billion Kokomo Project by Stellantis N.V. and Samsung SDI that’s part of the StarPlus Energy joint venture. On Oct 11, 2023, Governor Eric J. Holcomb announced that Stellantis and Samsung SDI will significantly expand their electric vehicle battery manufacturing operations in Indiana. This will be the second StarPlus Energy gigafactory in Kokomo. Construction has already commenced on the first StarPlus Energy gigafactory. The total investment for both StarPlus Energy plant facilities will exceed $6.3 billion (€5.5 billion) and create 2,800 new jobs. This positions Harmony Villas at the ideal location to offer accommodations to the influx of workers and their families.

JP3E partners with the city of Kokomo and the state of Indiana, assuming responsibility for the Harmony Villas Project. This project will contain a new mixture of residential and commercial buildings to Kokomo, IN. The JP3E Harmony Villas Project in Kokomo, IN development is 23 Acres that will have 500 apartments, 42 townhouses, 40 retails mixed usage and 100 keys of 4 stars brand hotel accommodations with an estimated $112,000,000 Capital Expenditures (CAPEX). The company successfully secured $23,000,000 cash as GP and LP capital. Upon completion of development, JP3E expects the development to be valued at $192,000,000 with $14,000,000 Net Income annually. JP3E plans to break ground in the first week of March 2024 and expects to offer 21 townhomes by June 2024 for sale to the growing local community, facilitating the influx of Samsung factory workers and families.

Rocky H Singh is a Managing Director, Real Estate Developer, and Strategic Leader who will manage the Harmony Villas Project in Kokomo, IN. Mr. Singh brings over 18 years of experience in developing and owning real estate ventures, including office, multifamily, single tenant, and hospitality portfolios. He has developed over $300 million of real estate and has been involved in multiple real estate dealings throughout the various market cycles. Rocky has a comprehensive understanding of the intricacies that can make or break real estate projects. Based upon his impeccable reputation as a Physician and a Chief Medical Officer (CMO) managing multiple hospitals, he is an outstanding citizen for the state of Indiana. With his deep knowledge of Real Estate development, Rocky raised and placed several million dollars in personal and investor funds throughout his career and was involved in multiple start-ups. He has a track record of a high yield rate return on all such multifaceted investments. Rocky’s Current portfolio includes Marriott, Hilton, IHG, and Hyatt Hotels, Planned Urban development with Mixed use, multifamily, Retail, and Single-family houses.

"We are proud to unveil the Harmony Villas Urban Development Project to the market for investors to view. This is one of several urban development projects we are working on. The recurring annual revenues from this Kokomo Project will be instrumental towards ensuring that JP3E is very profitable with significant assets," stated John K. Park, Chairman of "JP 3E Holdings, Inc.," formerly Spooz, Inc. Further details regarding this Kokomo Project will be released in the future. 

About Spooz, Inc. (SPZI) now JP 3E Holdings, Inc.

Operating companies to supply the world with the vital needs of Eating, Energy, and Education (3E) which are essential needs for our everyday living and quality of life.

SAFE HARBOR ACT: Forward-looking statements are included within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations or listing on an exchange - including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions - are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond the Company's control and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. No information in this press release should be construed in any manner whatsoever as an indication of the future performance of the Company's revenues, financial condition or stock price.

Company Contact:
John K. Park, Chairman and CEO
john.park@jp3eholdings.com
727-216-6765 Office
Websites: https://www.jp3e.com/
https://www.jp3eholdings.com/
Twitter: http://www.twitter.com/SpoozInc
Facebook: http://www.Facebook.com/SpoozInc
E-Mail: info@jp3e.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/61231897-e177-47a4-a056-8507698b8f74

FAQ

What is the funding amount received by JP 3E Holdings, Inc. for the Harmony Villas Project?

JP 3E Holdings, Inc. received $18,000,000 from the city of Kokomo, IN, and the state of Indiana for the Harmony Villas Project.

Who will manage the Harmony Villas Project?

Rocky H. Singh, a newly added Director, will manage the Harmony Villas Project.

What is the total capital expenditure for the Harmony Villas Project?

The total capital expenditure for the Harmony Villas Project is estimated to be $112,000,000.

What is the expected valuation of the Harmony Villas Project upon completion?

Upon completion, the Harmony Villas Project is expected to be valued at $192,000,000.

When does JP 3E Holdings, Inc. plan to break ground for the Harmony Villas Project?

JP 3E Holdings, Inc. plans to break ground in the first week of March 2024.

Who is overseeing the Harmony Villas Project development?

Rocky H. Singh, a Managing Director with extensive real estate development experience, will oversee the Harmony Villas Project.