GIFA Inc. (OTCID: GIFX) announced new developments in its real estate and energy activities in Northern Cyprus.
Karsiyaka Project Partnership with Altinbas Holding Ltd.
Under the agreement with Altinbas Holding, GIFA has agreed to transfer a 50% interest in the Karsiyaka project for a total consideration of £4.5 million. “We are pleased to enter into this strategic partnership with Altinbas Holding for the development of Karsiyaka. This partnership brings together GIFA’s position in the project with Altinbas Holding’s investment capabilities and regional experience,”said Yusuf Kisa, the President of GIFA Inc. “
The £4.5 million consideration is not being received by GIFA as a cash distribution. Instead, the funds will be committed to the parcelization and development works required for the project. We believe this structure allows the value of the investment to remain within the project and directly supports its development.” “We expect the initial phase of work to begin within approximately eight weeks as the partners proceed with the required development and parcelization processes,’’he said.
Exclusive OXYTANE Dealership Agreement
GIFA Petroleum Ltd., a subsidiary of GIFA Inc., has signed an exclusive dealership agreement for Northern Cyprus with Oxytane, a UK-based energy technology company. Oxytane is a fuel treatment technology designed to improve fuel combustion effieciency and support cleaner, more efficient engine operation.
“Our exclusive dealership agreement with OXYTANE represents an important step for GIFA Petroleum as we explore new energy and fuel opportunities in Northern Cyprus,”said Mr Kisa. “We are currently in discussions with the Minister of Economy regarding the potential use of OXYTANE in electricity generation, and have also held discussions with the Minister of Agriculture regarding its potential application within the agricultural sector,” said Mr. Kisa.
GIFA Petroleum is also evaluating potential applications with transportation and logistics companies, bus operators and taxi operators. “We are encouraged by the progress of these discussions and expect further developments in the near term,” explained Mr. Kisa.
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