JZZ Technologies Inc. (OTCMKTS:JZZI) and its new wholly-owned subsidiary LION Development Group LLC have inked agreements on over $1.2 million in development and construction projects in South Carolina.
Trading Data
On Thursday, JZZI stock ended flat at $0.0013 with 21.89 million shares, compared to its average volume 8.6 million shares. The stock moved within a range of $0.0013 – 0.0017 after opening trade at $0.0015.
JZZ Technologies, Inc. Subsidiary LION Development Group LLC Signs Agreements for over $1.2 million in Construction and Development Projects in South Carolina
These projects include residential construction and renovation projects scheduled for completion over the upcoming six-to-nine-month period. As mentioned, these projects are situated in South Carolina. LION has previously developed similar projects in these areas over the last three decades.
South Carolina is being hailed as one of the best real estate growth markets in the US, mainly due to migration by homeowners moving out from high tax, high regulation, and high crime regions. In August 2022, home prices in South Carolina went up by 13.2% year-over-year. According to statistics from Redfin, the number of homes sold fell 12.8% and the number of homes for sale fell 3.7%, at the same time.
Charles Cardona, CEO and Chairman of JZZ Technologies, Inc. said that based on contracts under negotiation, they anticipate the generation of more than $2 million in revenue over the next 12 to 18 months from their endeavors in the residential development market. They also expect to expand the Active Lifestyle Development division significantly, while looking at other acquisitions in property and construction development.
Key Quote
Charles Cardona, CEO and Chairman of JZZ Technologies, Inc. states, “These project agreements signed by LION as part of JZZ Technologies are a good indicator of things to come. Based on contracts under negotiation, we expect to generate over $2 million in revenue over the next 12-18 months from our efforts in the residential development market. We also expect to expand our Active Lifestyle Development division significantly as we seek out other acquisitions in property and construction development.”
Technical Data
JZZI stock is trading below the 20-Day and 50-Day Moving averages of $0.0014 and $0.0016 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0038.
