August 12, 2020
E-mail from Crowdestor
In this letter, I would like to express our gratitude towards your trust in our project and give you an update on where we are and how we plan to move forward.
First things first, the situation this year has been challenging to say the least. COVID-19 has had a negative effect on pulp and other forest product industries (e.g. furniture, construction) which in turn has affected timber prices towards a declining trend since March. This and the fact that economic downturn will be felt for the whole 2020 we see that land portfolio investors are being patient with their acquisitions which in turn has kept property prices lower than expected.
At the moment we are in negotiations for the sale of the whole property portfolio and we expect we will be able to exit our liability to you earlier than our liability towards your foresees. We cannot definitely say at the moment the highest bid and transaction details, but as soon as we will have all the procedures done, we will come back to you, expected by end of August and the deal could close by end of September. Best regards,
Raimonds Cipe
CEO
SIA Dizozols Investments