HOUSTON, Jan. 13, 2005 (PRIMEZONE) -- CortDev, Inc. (Pink Sheets:CDVJ), a real estate development company, today released financial projections for its joint residential development project with Norfolk, Virginia-based development company, Zanahary Group Inc. The financial projections are based on the construction and sale of 30 residential units located on 3.25 acres of land in Virginia, at a conservative average selling price of $205,000 per unit. The gross profit of the project is forecast to be approximately $2,122,000; on projected revenue of $6,150,000 less expected total expenses of $4,028,000 (including acquisition of land, and hard and soft costs). CortDev Inc.'s projected income from this project is $954,900, based on its 45% equity stake.
CEO Andrea Cortellazzi stated: "We are proud to be working with a reputable firm such as Zanahary Group on this major residential development project. We expect this project to be the first of several profitable ventures for our Company. We will keep shareholders updated on a timely basis of any significant progress made in this development project."
About Zanahary Group Inc.
Zanahary Group Inc. owns a Class A contractor license - classification building, in the State of Commonwealth of Virginia. It has been in operation since 1997 and has completed numerous construction projects, notably with the U.S. Government. For additional information contact CEO Ade Okusaga at 757-461-2692.
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.