COLLEGE PARK, Md., Oct. 7, 2021 /PRNewswire-PRWeb/ -- The Verte OZ Fund, Inc. (College Park, Maryland) is pleased to announce an investment in Probitas Ventures, LLC (Bennettsville, South Carolina) and its wholly owned subsidiary of AAC East, LLC, through their Preferred Series A offering. Probitas Ventures is building the first state-of-the-art manufacturing plant for Autoclaved Aerated Concrete (AAC) in the US. The goal of this investment is to complete the construction of the plant, begin commissioning and operation of the plant, and provide general working capital as it commences production.
AAC offers architects, real estate developers, and end users an energy-efficient, sound- and fire-resistant, load- and non-load-bearing, cost-competitive, and environmentally friendly building material to address increasingly stringent building codes, escalating lumber and steel costs, and growing demand for net-zero-energy structures with reduced carbon footprint. This new plant will fulfill the US demand for AAC, which currently exceeds domestic supply capabilities. Probitas Ventures has key strategic relationships with Wehrhahn GmbH, Xella GmbH, and Thermacrete LLC to produce and distribute AAC in the US.
"We are very pleased that the Verte OZ Fund has elected to invest in our state-of-the-art manufacturing facility," stated Charles Paterno, who is the Managing Principal of Probitas. "The mission that Dr. Mills and his team at Verte have to invest in projects seeking to create a positive impact within the community and on the environment, and to add value for the fund's investors, aligns nicely with the mission of Probitas and AAC East. We appreciate the confidence in our plans, and we look forward to opening our manufacturing facility this quarter and meeting our joint objectives."
"Verte OZ is very excited about the latest addition to its portfolio of operating businesses impacting the Opportunity Zone communities," said Dr. Leonard Mills, CEO of the Verte Opportunity Fund ("Verte OZ"). "We look forward to participating in the long-term growth of Probitas and AAC East. This is our tenth investment, and it will enhance our portfolio of investments by increasing domestic manufacturing, reducing carbon footprints in building materials, and promoting economic development of OZ communities such as Bennettsville, SC."
About Probitas Ventures, LLC
Probitas Ventures, through its ownership in AAC EAST, LLC, is building the first state-of-the-art manufacturing plant for AAC in the US. AAC is an energy-efficient, sound- and fire-resistant, load- and non-load-bearing, cost-competitive, and environmentally friendly building material that can address increasingly stringent building codes, escalating lumber and steel costs, and growing demand for net-zero-energy structures with reduced carbon footprint. Probitas Ventures is led by Charles Paterno, who has almost 40 years of entrepreneurial and corporate experience, and has spent more than 10 years distributing, installing, and developing projects with AAC. Probitas Ventures is located in Bennettsville, South Carolina, a Qualified Opportunity Zone in Marlboro County.
About Verte OZ Fund, Inc.
The Verte Opportunity Fund is a venture capital fund combined with the tax benefits of Opportunity Zone investments. The Verte Fund is unique among OZ funds by investing in emerging technologies rather than brick and mortar real estate. The benefits of investing in high-growth businesses include higher returns, larger tax savings, greater social impact, and lower capital needs. The objectives of the Fund are to provide attractive returns for investors, generate measurable impact on the gaps in income and wealth that exist in OZ communities, and support our portfolio companies in capital raising, strategic advice, and business development.
Verte has an active pipeline of quality investments, and has already closed on ten high-growth, impactful companies in its current portfolio. The Fund is scaling its portfolio and will deliver a diversified portfolio of high-growth companies within technology, including robotics, fintech, electric vehicles, logistics, manufacturing, and next-generation data storage. Founded in late 2019, Verte Opportunity Fund has a current target of $10 million in 2021. This capital raise is part of a multi-phase plan that will offer multiple entry/exit points for shareholders. Verte OZ is designed to appeal to a broad array of investors, including those with realized capital gains, tax-advantaged investments, and taxable investments.
Nao Gamo, Verte Opportunity Fund, 1 6173190394, [email protected]
SOURCE Verte Opportunity Fund