HOUSTON, Jan. 7, 2005 (PRIMEZONE) -- CortDev, Inc. (Pink Sheets:CDVJ), a real estate development company, today announced that it has signed a $5,000,000 residential development contract with Norfolk, Virginia-based development company, Zanahary Group Inc. CortDev Inc. will be responsible for the financing of this project and Zanahary Group Inc. will manage and execute the construction and development process. CDVJ will receive 45% of the gross profit of the project and Zanahary Group Inc. will receive the remaining 55%. The construction of the project will take approximately 6-8 months with sales starting 3 months after the start of construction. Due to the high demand for these residential properties and its attractive location, all units are projected to be sold within 12-18 months after the start of construction.
This contract signing is a major step forward for CDVJ in its plans to significantly expand its level of operations and asset base in the U.S. and abroad. This is the second of the major expansion projects that the Company has secured since the September 7th press release in which they were revealed to shareholders. CDVJ is poised for a successful and profitable 2005 and will continue to build on its foundation for solid long-term growth.
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.