FRESNO, Calif., March 3, 2011 /PRNewswire/ -- Black Castle Developments, Inc. (Pink Sheets: BDVI); formerly (Pink Sheets: GRWW), a company involved in the purchase of non-performing notes and bank-owned, income-producing commercial real estate, announced today that FINRA has approved its corporate name change to Black Castle Developments, Inc. from Greens Worldwide, Inc. In addition, the Company was issued a new trading symbol, which was changed from GRWW to BDVI, effective at the open of the market today, March 3, 2011.
Black Castle Developments also announced that it has completed a 1-for-1000 reverse stock split. As a result, the Company has reduced its common shares outstanding to a total of 2,686,268. As required by FINRA, a "D" has been added to the Company's new trading symbol. Black Castle Developments will trade under BDVID for 20 business days, after which time it will resume trading under its new symbol BDVI.
The name change reflects the Company's new business strategy to take advantage of opportunities in the real estate market by acquiring non-performing notes (NPNs), properties in default and real estate-owned properties (REOs). Jeff Holroyd, CEO of Black Castle Developments, explained, "The commercial and residential real estate market is currently flooded with major discounts. Financial institutions are eager to rid themselves of this bad debt and improve their balance sheets, which ideally positions BDVI to purchase NPNs for pennies on the dollar. We are excited to move forward with our business strategy that can provide our shareholders and accredited investors with substantial upside potential."
Black Castle Developments, Inc. is focused on the direct acquisition of non-performing notes (NPNs) and the development, operation and management of income-producing commercial and residential distressed properties. The Company was founded by executives with over 20 years of experience in commercial real estate finance, origination, negotiation, and transaction execution. Profiling hundreds of non-performing notes (NPNs) daily in the $1 trillion U.S. loan marketplace, Black Castle Development's financial deal makers are capitalizing on the unprecedented and opportunistic U.S. real estate market. For more information, visit www.blackcastledevelopments.com.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
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SOURCE Black Castle Developments, Inc.