Sprout Closes $4.5 Million Loan on First Zero Energy Ready Home Development in Pueblo, Colorado
Pueblo, CO - (NewMediaWire) - November 22, 2019 - Sprout Tiny Homes, Inc. (OTC PINK: STHI), an industry leader and award-winning designer, manufacturer, and developer of state-of-the-art Zero Energy Ready Homes, announced today that it closed a land development loan on North Vista Highlands, its much anticipated first Zero Energy Ready Home development. Earlier this year, Sprout acquired the 54-acre parcel and obtained permitting and site plan approval for Phase 1A, consisting of 162 lots to begin the massive multiphase development in Pueblo, Colorado. North Vista Highlands (NorthVistaHighlands.com) consists of 1,060 acres and is approved for up to 4,850 residential units and 1,225,000 sq. ft. of retail and commercial space. It is anticipated that construction of the first Zero Energy Ready Homes will begin in February 2020.
Sprout has received significant recognition and support from strategic partners in finance, industry, and government that are forward-looking to Sprout to capitalize on the $600+ billion new residential housing market forecasted for each of the next three years, by leveraging its resources and technology developed during its 2017 – 2018 pilot program that produced $4.8 million in revenue. Sprout has been implementing a plan to scale during the next three years and this loan closing represents a significant milestone for Sprout to potentially meet its goal of exceeding $150 million in revenue during the next three years.
The U.S. Department of Energy’s Zero Energy Ready certified homes standards represent a “whole new level” of home performance and are the “homes of the future.” As a DOE Zero Energy Ready Home partner, Sprout continues to innovate on new housing designs, technology, and solutions to address mixed use retail /residential, single family housing, workforce housing and other emerging markets.
About Sprout Tiny Homes:
Sprout Tiny Homes is a DOE Energy Ready Home Partner and leading designer, developer and manufacturer of high-quality, Zero Energy Ready Homes with chemical free interiors. Sprout focuses exclusively on building commercial grade homes to satisfy the growing demand of affordable housing communities, employee housing, overnight hotel/resort markets and homes or the disabled. Sprout homes use sustainable building materials while pushing the boundaries of design and energy efficiencies. Sprout manufactures Zero Energy Ready homes on wheels up to 400 sq. ft. and homes on foundations up to 1900 sq. ft. of living space.
For more information on the company, visit http://sprouttinyhomes.com.
Caution Concerning Forward Looking Statements:
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Sprout Tiny Homes, Inc. to differ materially from this implied or expressed by such forward-looking statements. This press release speaks as of the date set first set forth above, and Sprout Tiny Homes, Inc. assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability to deliver products when ordered, inability of potential customers to pay for ordered products, and political and economic risks inherent in our industry.
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