NMEX updated and extended the Memorandum of Understanding (“MOU”) for entering into a definitive agreement for the purchase of 51% of Pemer Bacalar SAPI DE CV for jointly developing an ecofriendly multi facet resort on a freshwater lagoon near Bacalar in the State of Quintana Roo, Mexico (“Property”).
Lake Bacalar is a fresh water lake feed by underground cenotes. It is called the lake of seven colors because of the white sandy bottom that gives the effect of having so many shades of blue.
The Property is a part of the Riviera Maya, is located near the recently discovered Ichkabal Mayan ruins and is situated on the Caribbean coast of the Yucatan Peninsula. Nearly 10 million people visited the state of Quintana Roo last year, according to the Tourism Secretariat of Quintana Roo (SEDETUR).
NMEX has incorporated a wholly owned Mexican subsidiary to represent it interests in this proposed joint venture and an international accredited architect /engineering firm has been engaged to draft plans for development of the Property.
Recently, representatives of both NMEX and Pemer Bacalar attended a meeting in Dallas at the architect offices for a presentation of the preliminary proposed development plans for the property. Ivan Webb, Vice President, stated “that he and all who attended the meeting were impressed with the professional presentation and excited about the development plans for the Property”