Darkstar Ventures Secures Collective Required Authorization From Tenants to Move Forward on Reconstruction Project
JERUSALEM, April 19, 2018 /PRNewswire/ --
DARKSTAR VENTURES, INC. (OTC: DAVC) and Subsidiary, Bengio Urban Renewal, announce that they have achieved the next milestone on the TAMA 38 project by acquiring all tenant signatures needed to obtain the building permits for reconstruction.
Since required tenant authorization has been obtained, the Company moves forward with securing all necessary permits to initiate the building process. Darkstar Ventures has strategized to outsource the demolition of the existing 12-unit edifice, reconstructing a 36-unit residential structure in its place.
"We are very excited to have reached this milestone. The Tama 38 project is a true win/win proposition for all. Upon completion, tenants become privileged recipients of greatly improved living conditions," stated Avraham Bengio, Darkstar Ventures, Inc.
This agreement represents a continually strengthening position for Bengio, whereas upon completion the Company can yield a rate of return calculated to exceed two million dollars.
TAMA 38, is a mutually advantageous Israeli construction program for fortification of buildings through either the strengthening or rebuilding of older and compromised buildings. Developers can build additional levels above existing apartment buildings in exchange for renovation.
Bengio Urban Renewal, wholly owned subsidiary Darkstar Ventures, founded by veteran real-estate entrepreneurs and expert professionals in the construction field, specializes in building reinforcement and reconstruction in Israel.
The Company prepares for projects under the Tama Classification, a National Outlined Plan encompassing 38 construction grants for building fortification. These rights are transferred to the developer that builds additional levels above existing apartment and sell the new apartment in the open market.
Forward-Looking Statements: Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's success in obtaining new customers; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including the financial statements and related information contained in the Company's Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. The Company assumes no obligation to update the cautionary information in this release.
SOURCE DARKSTAR VENTURES, INC
