ST. PETERSBURG, Fla., April 16, 2012 /PRNewswire/ -- American Community Development Group, Inc. (OTC Pinksheets: ACYD) announced the continuing progress as a reporting holding company and its plan to qualify for the QX during 2012.
The Company has recently filed its year end financials to Pinksheets and expects to also file the first quarter financials by the deadline of May 15, 2012. The soon to be updated attorney opinion letter required will bring the corporate reporting status to current.
Management is currently interviewing auditors and is expecting to make its final announcement very shortly.
In a major step in the progression towards holding company structure, the Company recently received majority shareholder approval to increase the number of authorized common shares from 115 million to 500 million to accommodate structured acquisitions and financing to grow corporate equity, revenue and earnings more quickly and projects revenues over $3 million in 2013 by acquiring larger entities.
Since 2008, American Community Development Group, Inc. (ACYD) has been a socially responsible public company that specializes in profitable real estate investments by purchasing distressed property and then using these transitional housing centers for 501c3 nonprofit clients. The Company generates increased profitable rental income by housing clients that are sponsored into such programs as drug and alcohol rehabilitation, ex-offenders, homeless, HUD, government assistance and veterans. By utilizing properties that are acquired at huge discounts due to the distressed housing market, the company and its investors are able to generate almost a 100% increase over traditional tenants.
We also create and sponsor job creation programs for the nonprofit community and are currently focused on the Florida West Coast. We have positively affected thousands of lives including, but not limited to, Florida. Our expansion plans include other regional and national affiliations.
American Community Development Group, Inc. is a for-profit corporation founded to provide economic support and management guidance to the non-profit community in order to assist their support of various economically distressed citizens. We believe in the concept of "social entrepreneurship" as stewards of our investors' and our own resources while also creating strong economic returns on capital.
The Company has chosen this growth field because it offers stable growth and a socially conscious application of the talents of its founders. We has signed agreements with non-profits that have been providers of services and operate missions and facilities for the homeless, ex-offenders, drug and alcohol programs and housing facilities for other disadvantaged persons in the Tampa Bay, Florida area.
Rebuilding America, One Life at a Time!
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings.
SOURCE American Community Development Group, Inc.