ZICIX+CTIP-FII SIGNS CONTRACT WITH IFCI TO DEVELOP $20 MILLION SENIOR CITIZENS RESIDENCE PROJECT IN NEWARK, NEW JERSEY

Carson City, NV, Jan. 10, 2023 (GLOBE NEWSWIRE) -- ZICIX Corporation’s (OTC Pink: ZICX) Chairman, Mr. William A. Petty has received a progress report from its ZICIX President, Mr. Fernando M. Sopot that ZICIX+CTIP-FII has signed a contract with the International Federation of Chaplains, Inc. (IFCI) to undertake the development of the $20 million Senior Citizens Residence Project located at the site owned by the City Government of Newark, New Jersey of which the site address is at 861-869 Clinton Avenue, (Block 3016/Lot 25), Newark, New Jersey 07108.

IFCI is a non-profit organization based in Newark, New Jersey and West Orange, New Jersey. It is an international Christian organization with churches in the Dominican Republic and other places in the Latin American Countries.

A letter of Intent (LOI) to buy the said site location by IFCI was sent to the City of Newark’s Department of Economic and Housing Development (DEHD) for its consideration and approval. The offer to buy was approved by DEHD in its letter to IFCI dated December 21, 2021. ZICIX+CTIP-FII assisted IFCI in all these arrangements, including the conditions imposed upon by DEHD to finally transfer the ownership of the property to IFCI. The process of transferring is now on-going.

In the meantime, since IFCI is a non-profit organization, and the operation and business of the Senior Citizens Residence Project is for profit, a special purpose entity (SPE) is organized which is named under Prime Residence for Seniors Corporation (PRSC) which will own the Project. On the other hand, IFCI being the eventual owner of the land, shall become one of the stockholders of PSRC, whereby IFCI’s contribution as investments to PSRC, shall be the land plus cash.

In the contract between IFCI and ZICIX+CTIP-FII, the latter’s role, obligations and responsibilities are defined in the contract, in its role as the Project Developer. By technical definition, Project Developer is a group of professionals that manages the operation of a project, by being the lead of an oversight team, conducting research and creating plans that best suit the needs of the Project. It’s role begins from assisting IFCI to create a vision for the property by ZICIX+CTIP-FII, until the Project is completed and turned over to IFCI and PRSC for its operation.

In addition, the Project Developer creates and proposes to the Project O