ORLANDO, Fla., Nov. 1, 2004 (PRIMEZONE) -- Fortune Real Estate Development (Pink Sheets:FRDJ) sees no reason for the recent dramatic drop in its stock price today.
When contacted, Delroy Cowan, the CEO of Fortune, said, "Our day to day operations are fine and the company is well ahead of projections for the sales of condominiums at Dorsan suites. Also, this past weekend, eighteen units were sold; total sales amount of $700,000 for this weekend ending Oct.31. This sale leads us to forecast a total sell out by the end of January, 2005 which is well ahead of previous expectations of six to twelve months."
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.