LOS ANGELES, Feb. 19, 2014 /PRNewswire/ — Today, Leone Asset Management, Inc., (Pink Sheets: LEON) announced it has signed an MOU to acquire the lease, operational and managerial control of a second granite quarry in Sierra Leone. Leone Asset intends to complete all final due diligence and complete the acquisition within 15 days.
Tony Khodadad, President of Leone Asset stated, “Last month we announced that we had signed an MOU for the operational rights to a 89.4-acre granite quarry in Sierra Leone. I am please to report that we have concluded our due diligence and the definitive agreement is now signed and in place. Today we are announcing the signing of a second MOU with a new quarry location in Sierra Leone. The new location is comprised of approximately 400 acres of Granite. The agreement will give Leone Asset a 25-year lease with options to renew for the same term. Leone Asset will receive 80% of the profits generated from the site.”