Tiderock Companies Acquires Real Estate Development Projects from Sora Northeast

Rhea-AI Summary

Tiderock Companies (OTC PINK:TDRK) announced the hiring of Greg Filipek as Vice President of Development and secured rights for various real estate projects valued over $800M from Sora Northeast. With over 30 years of experience, Filipek aims to enhance project timeliness and profitability. Tiderock's project pipeline now exceeds $1.4 billion. The deal involves issuing five million restricted shares, with additional equity incentives tied to project milestones, including a 10% revenue share for Sora over seven years. This strategic move is expected to bolster Tiderock's growth.

Positive

• Secured development rights for projects worth over $800M, enhancing potential revenue.
• Hiring of experienced VP Greg Filipek to expedite project timelines and execution.
• Tiderock's project pipeline now exceeds $1.4 billion, presenting future growth opportunities.

Negative

• Issuance of five million restricted shares could dilute existing shareholder value.
• Revenue sharing with Sora Northeast may impact Tiderock’s financial margins.

BALTIMORE, MD / ACCESSWIRE / April 26, 2022 / Tiderock Companies, Inc. ("we", "our", or the "Company"), (OTC PINK:TDRK) is pleased to announce that it has hired Sora Northeast co-founder Greg Filipek as Vice President of Development and acquired the pursuit rights for numerous real estate development projects with a potential completion value exceeding $800M from Sora Northeast.

Mr. Filipek brings over 30 years of development and construction experience to Tiderock, with specific knowledge of the New Jersey, Maryland, Pennsylvania, and New York markets. Mr. Filipek and Tiderock CEO, Thomas Fore, previously jointly developed the $330 million Rowan Boulevard project in Glassboro, New Jersey.

There are several projects Sora Northeast has been working on over the last few years that are being assigned to Tiderock. Each of these projects are at various stages of maturity, taking many months and even years in some cases to attain their current state, by joining forces together, Tiderock believes it can expedite some of the timelines to activate the potential and bring revenue and value to Tiderock shareholders.

Tom Fore, commented, "I am excited about working with Greg again! We operated very well as a team on the Rowan Boulevard project. With the addition of SNE's projects, Tiderock now has over $1.4 billion in projects in the pre-development stage. As many of these are getting closer to obtaining their necessary regulatory and financing approvals, the need for an experienced Vice President of Development is imperative for Tiderock's long term success."

Under the terms of the transaction, Tiderock will issue five million restricted shares of common stock at close. Upon one of two projects obtaining full development green light to proceed, with a minimum of $1M in developer fees to Tiderock, Sora Northeast to receive 100,000 Series C Preferred Shares and $250,000 of Tiderock Common Stock. In addition, as projects come online, Sora Northeast to retain 10% of TDRK's net revenue associated with the assumed projects for a period of seven years from the project completion date.

About Tiderock Companies, Inc.: Tiderock Companies is a diversified investment and advisory services company, specializing on real estate, land development, infrastructure, public-private partnerships and private equity with over 30 years of experience. Tiderock also owns Sora Burgan Construction, a Florida based full-service design build licensed contractor with experience in Commercial, Residential and Marine Construction. Tiderock Companies, Inc. (OTC Pink: TDRK) is headquartered in Baltimore, MD., and can be contacted at www.tiderockcompanies.com or by phone at (800) 791-8433.

Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.

For more information:
Tiderock Companies, Inc.

Thomas B. Fore, CEO
Email: info@tiderockcompanies.com
Phone: (800) 791-8433

SOURCE: Tiderock Companies Inc.

View source version on accesswire.com:
https://www.accesswire.com/698878/Tiderock-Companies-Acquires-Real-Estate-Development-Projects-from-Sora-Northeast

FAQ

What are the details of Tiderock's acquisition from Sora Northeast?

Tiderock has acquired rights for multiple real estate developments valued at over $800M from Sora Northeast, along with the hiring of Greg Filipek as VP of Development.

How will the projects impact Tiderock's financial performance?

The projects have a potential completion value exceeding $800M, which could significantly increase Tiderock's revenue as they progress.

What is the expected timeline for the projects acquired by Tiderock?

The projects are at various stages of maturity; Tiderock aims to expedite timelines with the new leadership of Greg Filipek.

What are the terms of the equity arrangement with Sora Northeast?

Tiderock will issue five million restricted shares and upon project advancements, Sora will receive shares and a 10% net revenue share for seven years.

What is Tiderock's current project pipeline status?

Tiderock's project pipeline now exceeds $1.4 billion, with several projects nearing regulatory and financing approvals.