FORKED RIVER, NJ, Dec. 03, 2019 (GLOBE NEWSWIRE) -- Dream Homes & Development Corporation (OTC Pink: DREM), a licensed new home builder and general contractor in New Jersey, recently filed its amended Annual Report for the year ended December 31, 2018, following an announcement that the Company had changed auditing firms. Dream Homes is also celebrating the one-year anniversary of the acquisition of the majority of Premier Modular Homes’ assets, a company with a 23-year track record serving Southern Ocean County, with a concentration on Long Beach Island.
On July 22, 2019, the Company retained Boyle CPA, LLC as its new independent auditor.
The Company recently filed amended financial statements for the periods ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018 in order to correct errors principally relating to the accounting for construction contracts under the “percentage of completion method.” These errors resulted primarily from misinterpretation of the consolidated financial statements by the Company and its previous auditor. After restatement, the net result was an increase in recognized revenue for the year ended December 31, 2018.
Dream Homes is pleased to announce that the Company will be filing its quarterly reports for the periods ended March 31, 2019, June 30, 2019 and September 30, 2019 in the next few weeks.
The Company’s 2018 acquisition of a significant portion of the assets of Premier Modular Homes, located in Little Egg Harbor, NJ, has also recently begun to accrete to earnings. With this acquisition, and the Company’s main office location in Forked River, the Company continues to strengthen and position itself to serve a significant portion of the entire coastal region, from Southern Ocean County north to Middlesex County.
Dream Homes CEO Mr. Vincent Simonelli stated, “Celebrating the one-year anniversary of the addition of the Premier Modular operations to the Dream Homes family of companies, we continue to elevate our modular service and selection to a higher level. Premier’s existing prospect base has already yielded numerous clients for which we’ve estimated new homes in our market area. Having another complete showroom at the southern end of Ocean County is enormously helpful in attracting clients in Little Egg Harbor, West Creek and Long Beach Island. We continue to be very excited about this addition to the Company. In addition, sales and net income in 2019 have increased year over year, and the company continues to enjoy the benefits of the increase in new home construction versus renovation/elevation work.”
Mr. Simonelli continued, “The renovation/elevation work continues to be a strong portion of our business that enjoys excellent margins. The new construction portion of the company offers us a better opportunity to scale the company to greater sales volume. With several of our new developments that are currently in the latter development stages coming online in in 2020/2021, we expect these projects to add significant earnings in the next few years. In addition to our new home developments, we’re currently experiencing a back log of orders in our custom modular division, which is a really exciting development.”
Overview:
Dream Building, LLC operates as a wholly owned subsidiary of Dream Homes and Development Corporation and continues to pursue opportunities in the real estate field, specifically in new home construction, home elevations and renovations.
In addition to the Company’s projects that are in process, Dream Building, LLC has estimated an additional $6,200,000 worth of residential construction projects in the southern central NJ area and currently has over 560 active prospects to its data base. These prospects are all prime candidates for new homes and rebuilding projects to be built under the Dream Building, LLC division.
In addition to the projects which the Company currently has under contract for elevation, renovation, new construction and development, there are many parcels of land which the Company has the ability to secure, whether through land contract or other types of options. These parcels represent additional opportunities for development and construction potential on the order of an additional 400 - 800 lots and/or residential units to be developed and built within an approximate time horizon of 5 years.
Please see the Company’s recently filed Amended Annual Report for the period ended December 31, 2018 on Form 10-K/A for a full list of “Properties currently under contract to purchase and in the development stage” and “Properties in discussion with signed letters of intent, not in contract”.
About Dream Homes & Development Corp.
Dream Homes & Development Corp. (OTC Pink: DREM) is a full-service construction company based in Forked River, New Jersey equipped to complete all aspects of a building project including design, architectural, engineering, and construction. As licensed new home builders and general contractors, Dream Homes is actively building, raising, renovating and reconstructing homes up and down the New Jersey shore area. Please visit our website at www.dreamhomesltd.com and blog at http://blog.dreamhomesltd.com for more information.
Please email vince@dreamhomesltd.com to be alerted in the future when Dream Homes (DREM) announces news.
Forward-Looking Statements
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks are detailed in the Company's respective filings with the Securities and Exchange Commission at www.sec.gov.
Company Contacts:
Dream Homes & Development Corp.
Vincent Simonelli, President & CEO
Office: (609) 693-8881
Email: vince@dreamhomesltd.com