Nocera To Purchase 229 Acres Of Land For US Fish Farms, Expects ~$10 Million Revenue Increase With Potentially $7 Million Gross Profit

Nocera To Purchase 229 Acres Of Land For US Fish Farms, Expects ~$10 Million Revenue Increase With Potentially $7 Million Gross Profit

Nocera, Inc. NCRA recently announced that it entered into a purchase agreement to acquire 229 acres of agricultural land for US land-based fish farms in Montgomery, Alabama.

The purchase agreement was executed on September 8, 2022, and the acquisition is anticipated to close by October 31, 2022. The purchase price for the parcel is $865,000. The Company in the process of obtaining up to 85% financing from local banking institutions.

The 229 acres of land are in the city limits of Montgomery, Alabama. It comes with a house, a manufactured home and a building site with sewer and power which the company will develop into an office and dormitory for Nocera's employees.

Jeff Cheng, Nocera's CEO, commented, "This land acquisition in Alabama would be our first entry into fish farming business in the United States. We anticipate that our technology and design in Recirculating Aquaculture Systems will provide us with a substantial advantage. Being strategically located in the city of Montgomery, we will have access to a significant and skilled labor force along with a robust student population from the Montgomery area. With the price of fish hitting an all-time high, this land purchase will give us a considerable opportunity to become increasingly profitable. Our investment in Alabama is sustainable and green and we will be providing increased sustainable aquaculture in the United States and offering the American Family the best choice in seafood."

The closing of the purchase agreement is contingent on the Company satisfying the terms and conditions of the purchase agreement, including, but not limited, obtaining the necessary financing.

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