UNION, N.J., April 20, 2005 (PRIMEZONE) -- NuWave Technologies, Inc. (OTCBB:NUWV) today announced plans for a luxury "over 55" residential development in Cranford, New Jersey. The 4.95 acres of prime real estate development is being specifically designed to meet the redevelopment goals of the Township of Cranford, New Jersey. Redevelopment objectives of the NuWave property include stimulating private investment in the area, generating economic growth in Cranford, expanding the suburban vitality of the area, and specifically providing housing opportunities for individuals 55 years of age or older.
George Kanakis, President of NuWave, commented, "We are pleased to bring this new economic development opportunity to the Township of Cranford. We have been working closely with the planning and zoning office to present a redevelopment plan that we believe will be both a source of pride and economic value to the area. We look forward to announcing a date for commencement of construction when all appropriate requirements of the Township of Cranford have been met."
About NuWave Technologies, Inc.
NuWave Technologies is attempting to broaden its base of products and investments in order to diversify the company's product. In 2003 and in the first quarter of 2004, NuWave formed new subsidiaries for the purpose of acquiring and holding real estate and other assets. NuWave's wholly owned real estate subsidiary holds prime real estate property for development that includes a unique five acre site in Cranford, New Jersey designed for an "over 55" community of residents that the company believes will be ready for construction in 2005.
Safe Harbor Statement
Some statements in this release are forward-looking statements" as that term is defined in Sections 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"), and are subject to certain risks and uncertainties, including, but not limited to, construction permits, regulatory approvals, construction financing, economic conditions, competition, changes in laws and the demand for the company's goods and services, which could significantly affect anticipated future results. Actual results may differ materially from any forward-looking statements.