Complex located in downtown Kazan and will host major sporting events every year through 2018
Online PR News – 03-July-2011 – – ORLANDO, FL, Jun 29, 201 -- Diversified Global Holdings Group Inc. (OTCQB: DGHG) announced today that it has entered into the final phase of construction of a 200,000 square foot Sports Complex, located in the heart of downtown Kazan, which will host major sporting events every year through 2018.
The project has exceeded $50 million and presently has over $16 million in Accounts Receivables and is estimated to produce over $5 million in Net Earnings upon completion. Additional revenues are also expected as a result of change orders and add-ons for the remainder of 2011.
The six-story Sports Complex is also one of the largest spas in Russia with several restaurants, cafes and executive suites; perfect for the professional athletes who will be visiting the city in the coming years for one of its many competitions.
The city of Kazan has committed over $14 billion to becoming the sports capital of the world with 25 venues already constructed and 39 more scheduled for completion by 2013. DGHG presently has over $56 million in backlogged construction projects and is in a prime position to participate in more of these government-funded sports venues, with Net Earnings typically exceeding 10%. The construction of these 64 professional sports venues is expected to increase Kazan's population 176% by 2030 according to Russian news agencies.
"The completion of this project will be another impressive accomplishment for DGHG but more importantly for the city of Kazan and Russia as it continues to modernize and participate in the world economy," said Richard Lloyd, CEO of Diversified Global Holdings Group. "We are happy to work with the Republic of Tatarstan in fulfilling Kazan's dream of becoming the sports capital of the world."
About Diversified Global Holdings Group Inc. Diversified Global Holdings Group (OTCQB: DGHG) is a rapidly growing holdings company with strong subsidiaries worldwide. Since inception DGHG has completed 11 acquisitions and proven its M&A strategy. DGHG intends to continue its expansion in emerging markets by leveraging its 5 divisions into 12 major market sectors. For more information, visit DiversifiedGlobalHoldings.com (http://www.dghold.com).
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
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Diversified Global Holdings Group Inc.
800 N. Magnolia Ave. # 105
Orlando, FL 32803