Tide rock Companies Inc (OTCMKTS:TDRK) on April 26, 2022, announced hiring Sora Northeast co-founder Greg Filipek as Vice President of Development. The company also confirmed on acquiring pursuit rights for many real estate projects with value exceeding $800M from Sora Northeast.
Trading Data
On Tuesday, TDRK stock gained 1.43% to $0.0390 with more than 50k shares, compared to its average volume of 108K shares. The stock moved within a range of $0.0210 – 0.0390 after opening trade at $0.0384.
Tiderock Companies Acquires Real Estate Development Projects from Sora Northeast
Filipek has over three decades of construction and development experience. He has specific knowledge of New Jersey, Maryland, New York,and Pennsylvaniamarkets. Both Mr. Filipek and Tiderock CEO, Thomas Fore had earlier developed $330 million Rowan Boulevard project in Glassboro, New Jersey.
There are a number of projects Sora Northeast has been engaged in the last few years, which are being given to Tiderock. Every project is at some stage of maturity and may take some months or years to complete. However, Tiderock believes that joining forces can expedite some of the timelines for activating the potential and bringing out revenue and value to the shareholders.
Tom Fore expressed excitement on working with Greg again. Fore added that Tiderock has more than $1.4 billion in projects in the pre-development stage. He believes that there is a need for an experienced Vice President of Development for the company’s long-term success.
Tiderock will be issuing five million restricted shares of common stock at close under the transaction. Once one of the projects receives complete development green light, with atleast $1M in developer fees to Tiderock, Sora Northeast will get 100,000 Series C Preferred Shares and $250,000 of Tiderock Common Stock.
Key Quote
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.”
