(Newswire.net — August 19, 2013) SALT LAKE CITY, UTAH –– RealSource Residential, Inc. (OTCQB:RSRT) announced that its common stock has begun trading on the OTCQB market under the symbol “RSRT” effective as of August 6, 2013.
RealSource Residential was until July 15, 2013 known as Upstream Biosciences, Inc., which traded under the symbol “UPBS.” The change in corporate name follows a May 2013 transaction under which an affiliate of the RealSource Group of companies acquired control of approximately 75% of the outstanding stock of the company with the intent of repurposing the company’s business to that of acquiring, owning and managing multi-family housing properties in emerging markets in the United States.
The RealSource Group is a group of affiliated real estate brokerage, management and insurance companies based in Salt Lake City, Utah. The RealSource Group acquired control of the company to create a public-traded vehicle with potential access to multi-family housing assets with a total value of approximately $350 million which are currently managed and owned in part by the RealSource Group. Over the next twelve months, RealSource Residential expects to form a real estate investment trust (or REIT) structure and will seek to acquire all or a portion of these and potentially other multifamily housing assets by issuing company securities and utilizing mortgage leverage or cash from funds expected to be raised by the company.
“This is an exciting time for the RealSource group as we seek to leverage our more than 20 year track record in brokering, owning and managing quality real estate assets in a publicly-traded REIT” stated Michael Anderson, Chairman of the RealSource Group and RealSource Residential. “In the coming months, we will target select properties with which we are very familiar as the cornerstone assets of our company, and with those assets in hand, we will seek to elect REIT status and grow our company with the goal of becoming a leading multi-family housing investment vehicle.”
About RealSource Residential
RealSource Residential, Inc. (OTCQB:RSRT) was formed in July 2013 with the business goal of creating a new real estate investment trust focused in the multi-family housing sector. RealSource Residential is majority controlled by affiliates of the RealSource Group of Salt Lake City, Utah, a group of affiliated real estate brokerage, management and insurance companies. The company’s plan of operation for 2013 and 2014 is to acquire its initial properties and thereafter elect status and operate as a publicly-traded real estate investment trust for U.S. federal tax purposes.
Cautionary Note Regarding Forward Looking Statements
This press release and the statements of representatives of RealSource Residential, Inc. (the “Company”) related thereto contain, or may contain, among other things, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are “forward-looking statements,” including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as “guidance,” “projects,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “ultimately” or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results (including, without limitation, the Company’s ability to acquire its initial properties, qualify as a real estate investment trust, generate returns for investors and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with the Securities and Exchange Commission (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
Contact:
Nathan Hanks
RealSource Residential, Inc.
2089 Fort Union Blvd
Salt Lake City, UT 84121
Phone: (801) 601-2700