HOUSTON, Jan. 19, 2005 (PRIMEZONE) -- CortDev, Inc. (Pink Sheets:CDVJ), a real estate development company, today announced that its Board of Directors has approved a stock buyback plan to purchase up to $150,000 worth of the Company's common stock over the next 90 days which represents approximately 375,000,000 shares at current market prices or 12.5% of the current issued and outstanding shares. The share purchases may be made from time to time on the open market or in privately negotiated transactions depending on market conditions and other factors, all in accordance with the requirements of the Securities and Exchange Commission. The stock buyback plan does not obligate the company to acquire any specific number of shares and may be discontinued at any time.
CortDev, Inc. today also announced that the joint residential development project with Norfolk, Virginia-based development company, Zanahary Group Inc. is progressing as per the original plan. The 3.25 acres of land under development in Virginia has been secured via an initial deposit made by CortDev Inc. A local engineering firm has been retained to complete the physical survey and subdivision plan, which will be submitted to the local Government by February 8. Within two weeks following the submission of the documents, the floor plans and layout of the units will be released and posted on the Company website. Currently, Zanahary Group is working on the engineering and feasibility studies. Further updates on this project will be disclosed to shareholders once the major milestones as stated above are met.
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 US 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.