LAKE ARROWHEAD, Calif., Dec. 29, 2016 /PRNewswire/ -- Rock Ridge Resources (Pink Sheets: RRRI) reported their 2016 year-to-date, nine-month profit today of $2,147,527 on gross income of $7,844,832. During the 3rd quarter the Board of Directors approved the spending of significant cash to invest in the future growth of the company.
Rock Ridge Resources purchased a 14-acre parcel located in Blue Jay, CA for $1,250,000 in cash and spent pre-construction expenses for plans, surveys, and studies in the amount of $135,000. Plans are underway to construct a 55 room hotel, a 325 seat outdoor amphitheater, a sports bar restaurant, and a malt and Coffee shop. This first phase of construction is estimated to cost approximately $18 million. The second phase of the project is a 50-unit residential senior living community.
During the 3rd quarter, Rock Ridge also commenced construction on a 24-bed Women's recovery facility for Serenity Lodge which includes 4 new residences, a swimming pool and Jacuzzi. The total cash investment to date is $350,000.00 and at completion will be $1,600,000.
Construction of a 4,000 ft. Meeting hall and basketball court is currently underway at the Serenity Lodge residential rehabilitation facility. This much anticipated addition will provide Serenity Lodge clients with a state-of-the-art facility to continue educational and counseling sessions. The total cost of this project is estimated at $350,000. This facility is scheduled to be completed in January 2017.
Finally, Rock Ridge completed the construction of a single family dwelling in early December which was built with cash, and is listed for sale at $469,000.
Legal Notice Regarding Forward-Looking Statements:
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Rock Ridge Resources, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Rock Ridge Resources, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
SOURCE Rock Ridge Resources, Inc.