CHARLOTTE, N.C., Nov. 12, 2020 /PRNewswire/ -- CAVU Resources, Inc. (OTC: CAVR), today announced that its wholly owned subsidiary Sinacori Builders closed, last week, on its previously announced contract with Toll Brothers (NYSE: TOL) for $5,588,000. Revenue is currently up 475% quarter-over-quarter, which shatters both the company's previous quarterly and annual revenue records with 8 weeks still remaining in Q4 FY20.
"Faced with the many challenges 2020 has thrown at us, I could not be prouder of our team for completing this Toll Brothers project," stated Sinacori Builders President, Russell Sinacori. "In addition, this closing marks a historic milestone for CAVU Resources, as it represents the largest revenue-producing transaction the company has ever produced. Momentum is on our side and with some other exciting things in store, Q4 FY20 will be a game changer."
- In Q4 FY20, Sinacori Builders listed 6 custom properties in desirable South Charlotte NC: 5 townhomes (MLS #3628803) for $600,000.00 each and 1 single-family home for $850,000.00 (MLS #3591404). All are expected to close no later than the first quarter of 2021, which will add an additional $3,850,000.00 in gross revenue.
- Sinacori Builders has also sold the 2 remaining custom townhomes ($463,000.00 and $550,000.00) in its Rea Court subdivision, totaling $1,013,000.00. Both transactions are scheduled to close in Q4 FY20.
- In September 2020, Sinacori Builders acquired a new development opportunity, 16 lots in South Charlotte, for $2,200,000.00. Sinacori Builders is developing these lots for JP Orleans for $3,896,000.00 with a deposit of $2,645,008.00 due mid-December 2020. Lots will be completed in the first quarter of 2021.
- Work on a previously announced $4,472,000 contract with TRI Pointe Homes (NYSE: TPH) is on-going and the deal is scheduled to close in the first quarter of 2021.
CAVU Resources CEO Bob Silver commented, "Russ and our team did a great job. No matter what objective we faced, our tenacity, integrity and hard work paid off. We are a company that only believes in winning. I love the culture that we have created at CAVU Resources. As we set CAVR historical revenue records, we all know that this is just the beginning and that there is much more work to be done. We are prepared, readied and up for the task. We know where we are heading and are beyond excited about our future."
About Toll Brothers, Inc.
Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company began business over fifty years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves first time, move-up, empty-nester, active-adult, affordable luxury and second-home buyers, as well as urban and suburban renters. It currently operates in 24 states.
In 2020, Toll Brothers was named World's Most Admired Home Building Company in Fortune magazine's survey of the World's Most Admired Companies®, the sixth year in a row it has been so honored. Toll Brothers has won numerous other awards, including Builder of the Year from both Professional Builder magazine and Builder magazine, the first two-time recipient from Builder magazine. For more information visit www.TollBrothers.com.
About Sinacori Builders
Sinacori Builders, a CAVU Resources company, is a technology-driven real estate company with more than 14 million dollars in assets and over 10 million dollars in secured contracts/closings in 2020. This wholly-owned CAVU subsidiary has a strong foothold in Charlotte, North Carolina, and is expanding its footprint throughout the Southeast. The Company plans on growing its brand and enhancing shareholder value by leveraging its connections with the country's top builders to become a national player. To learn more, visit www.sinacoribuilders.com
About CAVU Resources Inc.
CAVU Resources Inc. is a synergistic suite of technology driven companies that create a lifestyle brand targeting the Millennial / Gen Z demographic to support how they live, learn, socialize, and stay healthy. To learn more, visit www.cavuresource.com
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell its products; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and, the Company's business, research, product development, marketing and distribution plans and strategies.
SOURCE CAVU Resources Inc.