HOUSTON, Jan. 5, 2005 (PRIMEZONE) -- CortDev, Inc. (Pink Sheets:CDVJ), a real estate development company, today provided further details on its oil and gas acquisition. CDVJ has signed an agreement to acquire a publicly traded, debt-free oil and gas corporation. CDVJ will not undergo a reverse merger into this company but rather it will function as a wholly owned subsidiary of CDVJ. Thus current shareholders' positions in CDVJ will remain unchanged and in no way will be lessened through a share exchange with the acquired oil and gas company. Management will consider a spin-off of the oil and gas corporation in the near future once the acquisition is finalized. This would involve the distribution of shares in the oil and gas company to shareholders of CDVJ as of a specific date of record. CDVJ shareholders' positions would remain unchanged as a result of this transaction.
CDVJ today also clarified the management restructuring at the Company. Andrea Cortellazzi has voluntarily decided to step down as president and CEO of CDVJ. The reason for his decision is in response to the change of direction at the Company and its diversification into several new fields including the oil and gas industry. The Board of Directors, including Mr. Cortellazzi, unanimously voted to hire a new CEO with the necessary expertise in these new industries and who could expertly manage the corporate restructuring process. The new CEO will be announced upon formal transfer of ownership, which should be completed within the next few days. Andrea Cortellazzi will remain on the Company's Advisory Board where he will make the best use of his skills and experience as a master negotiator and real estate broker by securing and managing valuable real estate development projects.
At this time we would like to take the opportunity to thank our loyal shareholders for understanding that we are an emerging company looking for the best possible ways to maximize your investment. We thank you for your trust and patience.
For more information please contact CEO Andrea Cortellazzi at 514-288-9699.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.