ORLANDO, Fla., Oct. 14, 2004 (PRIMEZONE) -- The Board of Directors of Fortune Real Estate Development Corporation (Pink Sheets:FRDJ) has voted for a two-for-one forward split, effective October 28th, 2004. This is due to the strong investor interest in this real estate based equity investment.
"We're excited for the two-to-one forward split as this will get us where we need to go as a company. Our investors are thrilled that the market price per share of Fortune has seen a 300% increase in the past two weeks," said Delroy Cowan, CEO of Fortune.
For more information visit: http://www.fortunerealestatedevelopment.com
About Fortune Real Estate Development Corp.
Fortune Real Estate Development Corp. specializes in converting hotels into Condotels, a concept that has gained popularity in many international vacation resorts. It involves selling the hotels' rooms and suites to individual purchasers, who usually are families interested in a vacation rental, or purchasing a timeshare.
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.