ZICIX to Acquire Controlling Interest of CTIP-FII

Rhea-AI Summary

Zicix Corporation (OTC Pink: ZICX) has issued a Letter of Intent to acquire controlling shares of CTIP First Investment, Inc. (CTIP-FII), a firm focused on project development and finance for government infrastructure in Africa and Latin America. CTIP-FII is set to sign a contract for a 150-bed hospital in Uganda, costing $84 million, and is also working on projects in Liberia with a combined estimated cost of $90 million. ZICIX aims to strengthen its position in the infrastructure sector through strategic partnerships.

Positive

• Acquisition of CTIP-FII enhances ZICIX's strategic alliances in project development.
• CTIP-FII's focus on government infrastructure projects expands ZICIX's market reach.
• Potential for revenue growth through large-scale projects in Uganda and Liberia.

Negative

• Investment in CTIP-FII could strain ZICIX's financial resources.
• Integration challenges may arise from merging operations with CTIP-FII.

News Market Reaction – ZICX

+56.00%

1 alert

+56.00% News Effect

On the day this news was published, ZICX gained 56.00%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Carson City, NV, March 08, 2022 (GLOBE NEWSWIRE) -- Zicix Corporation (OTC Pink: ZICX) has issued a Letter of Intent (LOI) to CTIP First Investment, Inc. (CTIP-FII) to acquire controlling shares of the company. CTIP-FII is a corporation registered in the State of Florida, with the main office located in New Jersey. The company is engaged in the business of project development and project finance, currently focused on the development of government infrastructure in different countries across Africa and Latin America.

CTIP-FII is about to sign a development contract to build a 150-bed hospital and medical school building in Uganda, with a project cost estimated at $84,000,000. It is also slated to begin the construction of a main office building for a commercial bank in Monrovia, Liberia as well as the development of another hospital in the Revercess County, Liberia with a projected cost of $90,000,000.

“It’s about time that ZICIX should establish strategic alliances with operating companies, like CTIP-FII, who are involved in project development.” ZICIX Chairman William Petty announced, “We are particularly interested in working alongside companies that are planning to undertake their infrastructure development through Public-Private-Partnership (PPP).”

CTIP-FII Chairman Jeffrey Jones, the former Mayor of the City of Paterson, NJ, added, “This planned acquisition is a welcome investment because it will strengthen the position and credibility of CTIP-FII in the infrastructure industry by having the support of a listed company like ZICIX.”

ZICIX has organized two divisions: Technology and Investments and Finance. Development of PPP Projects will be managed by the Investments and Finance division of ZICIX.

About the Corporations:

Zicix Corporation (OTC Pink: ZICX) Originally founded as a service provider to the Healthcare industry, the Zicix Corporation has recently been restructured with the intention of acquiring and developing technology applications designed for service companies in consumer, retail and other industries. www.ZicixGroup.com

CTIP First Investment, Inc. (CTIP-FII) is a private investment and project development company, involved in undertaking development projects for both the Government and Private Sectors respectively. CTIP-FII designs and brings the right financial engineering to project owners and creditors to fund construction finance and permanent mortgage. www.ctip-fii.com

Safe Harbor Act: This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report.

For additional information, visit our website at www.ZicixGroup.com or call 830-331-0031. We are also on Twitter @ZICIXCorp.

FAQ

What is the purpose of ZICX's acquisition of CTIP-FII?

The acquisition aims to strengthen ZICX's position in project development and finance, particularly in government infrastructure.

What are the major projects CTIP-FII is involved in?

CTIP-FII plans to develop a 150-bed hospital in Uganda and a commercial bank office building in Liberia, among other projects.

How much is the hospital project in Uganda costing?

The hospital project in Uganda is estimated to cost $84 million.

What is the expected impact of ZICX's acquisition on the company's future?

The acquisition may enhance ZICX's credibility and market position while providing potential revenue opportunities from large infrastructure projects.

What are the potential risks of the ZICX and CTIP-FII acquisition?

Potential risks include financial strain from the acquisition and challenges associated with integrating operations between the two companies.