FLAGLER BEACH, FL-In what has to be one of most creative deals of the year, one-year-old Dogs International of Las Vegas is acquiring its first Bed & Biscuit Inn in Flagler Beach, FL in a no-cash transaction valued at $500,000.
Instead of cash, the Nevada entrepreneur, formerly called Juris Travel, is giving owner Rosemary Williams Hardman a five-year promissory note for $200,000 at 6% annual interest and 50,000 shares of convertible company stock valued at $6 per share or a total $300,000. The stock is trading on the Over-the-Counter Board at about $5.25 per share. The deal is expected to close by May 9.
Included in the deal is Hardman's personal property, valued at $97,350. Among the items are a 1999 Mercedes auto valued at $35,000; a 2002 Chevrolet pickup truck, $15,000; a 1997 Ford Explorer, $10,000; and a 2000 Chevrolet Express Van, 18,000.
Company officials and Dominic Alvarez of Elite Capital Partners, which issued a news release on the transaction, declined to discuss the deal by phone or e-mail with GlobeSt.com. However, details are recorded in Securities and Exchange filings made by Dogs International.
At $500,000, the 5.47 acre tract at 711 John Anderson Hghwy. in Flagler Beach equates to $91,408 per acre or $2.10 per sf. The company's prepared statement says the facility comprises numerous indoor and outdoor pet “suites”; an onsite pet “bakery”; and Groomingdale's, a “full-service grooming business” for the four-legged guests.
Dogs International, headed by president Roxana I. Vargas, plans to build or buy a national chain of Bed & Biscuit Inns that will be designed to offer “a wide range of services, including indoor pet suites for overnight or prolonged boarding; 24/7 supervision by a professionally trained staff; off-leash Bark-Park playgrounds and training facilities; a bakery; and a café. There will be a Groomingdale's service at each location, according to the news release.
Dogs International also plans to provide travel-related services to pet owners “and the special needs of their beloved pets,” the company's statement says.
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