Redhawk Land & Hospitality to Acquire Commercial Real Estate

YOUNGSVILLE, LA / ACCESSWIRE / June 29, 2015 / (OTC: IDNG) – Independence Energy Corp. (“Independence” or “the Company”) announced today that RedHawk Land & Hospitality, LLC, a wholly-owned subsidiary of the Company, has tentatively agreed to acquire from Beechwood Properties, LLC (“Beechwood”), certain commercial real estate currently under long-term lease to the State of Louisiana. Beechwood owns 35.39% of the Company’s outstanding common stock, and is owned and controlled by G. Darcy Klug, the Company’s Chief Financial Officer.

The property to be acquired was built in the early 1930’s and is located in the historic district of Lafayette, Louisiana. The property was acquired by Beechwood in 2008 and following a renovation and restoration completed in 2010, has been under a long-term lease agreement with the 3rd Circuit Court of Appeals for the State of Louisiana.

A definitive purchase agreement for the property is anticipated to be completed and executed by the Company and Beechwood within sixty (60) days of this announcement, and the closing of the transaction is expected to be completed by the end of the first quarter of the Company’s fiscal year ending June 30, 2016. The transaction is contingent upon board approval, the negotiation and acceptance of a mutually agreed upon purchase price and execution of a definitive purchase agreement, assignment of the existing lease agreement to the Company, satisfactory completion of legal due diligence and appraisals, and the closing of acceptable debt financing.

This release may contain forward-looking statements. Forward-looking statements are all statements other than statements of historical fact. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. The words “anticipate,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be,” “potential” and any similar expressions are intended to identify those assertions as forward-looking statements.

Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties. In evaluating forward-looking statements, you should consider the various factors which may cause actual results to differ materially from any forward-looking statements including those listed in the “Risk Factors” section of our latest 10-K report. Further, the Company may make changes to its business plans that could or will affect its results. Investors are cautioned that the Company will undertake no obligation to update any forward-looking statements.

Media Contact:

Julie Calzone
(337) 235-2924
jcalzone@calzone.com

Company Contacts:

Daniel J. Schreiber, CEO
(858) 509-8800

G. Darcy Klug, CFO
(337) 269-5933

SOURCE: Independence Energy Corp.

ReleaseID: 430233