At Province we believe in a radical form of transparency and that means sharing the good news and the bad news with our shareholders. My philosophy on sharing bad news is that it's better that our shareholders hear it from us than from someone else. We had lots of good news this week, including the prospect of a substantial investment from a major strategic investor - but the bad news we received was that the building we have signed a term sheet to lease is going to be much more expensive to occupy than we thought.
We knew we needed to clean some of the prior user's stuff out, but the first demolition estimate we received came back at $1.8 million and up to 6 months to complete. Also in this scenario, the demolition company was planning to keep all of the materials and keep the profit from selling the copper, stainless steel, etc. That would be prohibitive for us. We're still awaiting other quotes and looking for alternate solutions, but I wanted to share this in the event that anyone with similar experience might be able to provide us with their thoughts and advice on how to get around a massive demolition bill. Please feel free to drop me an email, or call me. I'm in Israel and London this week speaking at conferences with Elad Barak so please be mindful of the time difference if you call. Thanks again for all your support and thanks in advance for any advice you may have.