ORLANDO, Fla., Nov. 2, 2004 (PRIMEZONE) -- Fortune Real Estate Development (Pink Sheets:FRDJ) sees no reason for the recent dramatic drop in its stock price today.
According to Fortune CEO, Delroy Cowan, "Our day to day operations are fine and the company is well ahead of projections for the sales of condominiums at Dorsan Suites. This past weekend eighteen units were sold, giving the company a total sales amount of $700,000 for the weekend ending October 31. Because of this, we are forecasting a total sell-out by the end of January '05, which is well ahead of previous expectations of six to twelve months."
Fortune Real Estate Development Corporation (FRDJ) focuses primarily on purchasing hotels and apartment buildings and converting them to condos. These condos are then sold off to individual purchasers. This concept is becoming increasingly popular and has grown tremendously over the past 4 years.
For more information visit: http://www.fortunerealestatedevelopment.com
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.