Black Castle Developments Takes Action to Reduce Authorized Share Count
FRESNO, Calif., March 17, 2011 /PRNewswire/ -- Black Castle Developments, Inc. (Pink Sheets: BDVID) ("BCD"), a company involved in the purchase of non-performing notes and bank-owned, income-producing commercial real estate, announced today that on March 10, 2011, the Company filed a corporate resolution with the State of Florida in order to reduce its authorized share amount from five billion (5,000,000,000) to six hundred million (600,000,000). The total reduction is completed and has now become effective.
Jeff Holroyd, CEO of BCD, commented, "I believe this share recapitalization is in the best interest of our shareholders. A reduction in authorized shares was necessary in order to better reflect the true value of our Company, and also by better aligning us with our peers. Since completion, we are now in a more favorable position to attract new investors, and capitalize on the many acquisition opportunities we have identified."
About Black Castle Developments, Inc.
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 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.
Contact: |
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Jeff Holroyd, CEO |
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Black Castle Developments |
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559-281-9532 |
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SOURCE Black Castle Developments, Inc.
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