Locally based eMax Corp., a holding company for family entertainment and media firms, plans to begin a real estate acquisition program but isn't disclosing how many properties it initially is seeking, what it is willing to pay for the assets and the size of its purchasing limits.
Roxanna Weber, co-chair and chief financial officer of eMax Corp., couldn't be reached by GlobeSt.com's publication deadline. But in a prepared statement, Weber says the company's newly formed real estate division, is "poising itself to become a publicly traded real estate investment trust company."
"As eMax Corp.'s companies grow, they will need additional properties to lease, both in the US and Canada, and EMAX Realty Group will serve as the company's development and real estate partner," she adds.
Weber says EMAX Realty plans to purchase properties "over the next 12 months" in the US and Canada. "The company is currently looking at developing several unique residential, commercial and mixed-unit communities in Florida, Tennessee and Montreal."
The eMax executive says the firm is entering the real estate market now "to take advantage of the lowest interest rates in the US history since 1963." Weber says EMAX Realty will focus on acquiring "numerous high-equity properties and other income-generating investment properties that will generate substantial dividends to the eMax Corp. and Freedom Entertainment International Inc. shareholders."
She says eMax shareholders have "stood patiently by while the new directors and management have worked towards generating new business for the company that will give tremendous appreciation to the shareholders' investments held in eMax Corp. and its respective subsidiaries, EMAXNET Inc. and Freedom Entertainment International Inc."
EMax Corp. common stock was trading at 11 cents per share on volume of 30,000 Monday on the Over The Counter Pink Sheets. The stock was up a penny from Sept. 19 but down from April 8 when it traded at 25 cents per share.
"We have worked over seven years building what we think is one of the most exciting and substantial family entertainment and media companies in the world, " Weber says.
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