MultiCorp Receives $50 Million InvestmentWednesday, March 6, 2013
Sun Valley company MultiCorp International Inc. will receive a $50 million equity investment from Hawaiian energy company Future Energy LLC, the companies said Wednesday.
MultiCorp is the parent company of Rivalz Sports Group Inc., which operates several sports radio networks and JoyFull Genius Inc., a production firm that makes music for corporate videos. It also has investments in real estate developments, oil and gas companies, and green energy startups.
Under the terms of the deal, Future Energy will invest the $50 million over the next 12 months in exchange for 100 million shares of MultiCorp. The company said it will use the money to expand its reach in the residential green energy market, including through its own real estate developments.
The money also will fund a 157-acre project MultiCorp is building in Dawson Creek, British Columbia, which includes a hotel, motels, restaurants and some industrial and commercial buildings.
“This investment will now allow the company to completely build out the entire Dawson Creek property, and allow us to secure additional land for future developments,” said Chief Executive Paul Lisenby in a statement.
Shares of MultiCorp were unchanged at 1 cent in over-the-counter trading.