SpaceX Eyes Historic IPO at $1.75 Trillion Valuation 
Fonterra Admits Anchor Butter "Grass-Fed" Label Misled Consumers After Greenpeace Lawsuit 
Trump Administration Plans 100% Tariffs on Pharmaceutical Imports 
Microsoft Eyes $7B Texas Energy Deal to Power AI Data Centers 
Pershing Square Bids €30.40 Per Share to Acquire Universal Music Group in $9.4B Deal 
U.S. Automakers Push Back Against EU Rules Blocking American Trucks from European Market 
LG Electronics Posts Record Q1 Revenue Amid Strong Demand and Cost Improvements 
UAE's Largest Natural Gas Facility Suspended After Attack-Triggered Fire 
China Vanke Seeks Bond Extension Amid Mounting Debt Crisis 
Apple's Foldable iPhone Faces Engineering Setbacks, Mass Production Timeline at Risk 
MATCH Act Targets ASML and Chinese Chipmakers in New U.S. Export Crackdown 
Paramount Skydance Secures $24B from Gulf Sovereign Wealth Funds for Warner Bros. Discovery Takeover 
UPS and Teamsters Reach Agreement to Limit Driver Severance Program 
Apple Turns 50: From Garage Startup to AI Crossroads 
Samsung Electronics Posts Eightfold Profit Surge Driven by AI Chip Demand 
MELBOURNE, Australia, Oct. 13, 2016 -- Kibush Capital Corporation (OTC:DLCR) (the “Company”) announced today that its subsidiary Aqua Mining finalized an agreement to purchase all of the shares in Paradise Gardens Developments Ltd. (“Paradise Gardens”) and has now completed the purchase of Paradise Gardens. The Company’s CEO, Warren Sheppard stated that Paradise Gardens assets, including tractors, logging equipment and timber processing equipment, will be utilized in the Company’s logging and processing at Rigo. The sworn value of the Paradise Garden assets on the balance sheet of Paradise Gardens as audited and prepared by International Accounting firm BDO was PGK 1,481,891 (USD$ 489,072), and after depreciation a holding value of PGK 876,088 (USD$ 289,137). In addition to the acquired assets, Paradise Gardens has significant carry forward income tax loss in Papua New Guinea as per the financial statements prepared by BDO (PGK 3,479,985 at 30% tax rate = PGK1,043,995 (USD $344,552). Whether the company renews and continues the Timber Authority permit at Brown River under the Paradise Gardens name is yet to be decided, however we have a number of opportunities from neighboring landowners to commercialise the logging within their respective land holdings. We will continue in the short-term using the processing area that is leased by Paradise Gardens at Kairuku Hiri District approximately 60 kilometers from Port Moresby, until we establish a new processing facility closer to Port Moresby. We are currently looking at areas around the Laloki region 30 minutes north east from Port Moresby. We anticipate the transition of our processing facility to the Laloki area will be completed during the quarter ended June 30, 2017.
About Kibush Capital Corporation:
Kibush Capital is a Resource company with Timber Operations in Papua New Guinea, Gold exploration in Papua New Guinea and Jade exploration in New South Wales, Australia.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties.
Kibush: http://www.kibushcapital.com/
Contact: CEO +613 9846 4288 [email protected]
