TAMPA, Fla., Oct. 5, 2010 (GLOBE NEWSWIRE) -- American Community Development Group, Inc. (Pink Sheets:ACYD) today has announced that it has signed agreements to acquire 11 separate properties in St. Petersburg, Florida. The closing of these contracts is expected to be concluded during this month and will continue the Company expansion in the greater Tampa Bay market.
According to John Folger, the President and CEO of ACYD, "These acquisitions offer the size and scale to our business plan and will benefit our shareholders as well as the people we intend to serve. The Company has committed over $500,000.00 for the purchase, renovation and operation of the properties, which are expected to house up to 30 individuals from our existing waiting list of tenants."
The Company believes that these properties, which are being acquired from another housing agency, are perfectly suited for the existing drug and alcohol tenants that desperately need program support and housing in order to become tax paying members of society.
American Community Development Group, "The Company," was founded to offer financial support and management guidance to the nonprofit community; including organizations struggling to provide support to economically distressed citizens. "We are excited to work with other groups in expanding our resources to benefit the lower-income and rehabilitated population of the United States," stated John Folger, President of American Community Development Group. "We are currently acquiring interests in multi-family homes, affordable housing, and other high occupancy commercial real estate properties, all while helping members of our community," he continued. "This approach sits well with both the community and our shareholders."
The second focus of The Company is to create jobs suitable to these same disadvantaged citizens, further supporting social wellbeing and entrepreneurship. "With the economy's continued downward trend, American Community Development will continue to fill the need to help the increasing impoverished population," Mr. Folger added. "We are very active within the philanthropic community and plan to use our resources to assist the underprivileged population."
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About American Community Development Group
American Community Development Group (Pink Sheets:ACYD) is a hybrid social business model founded by a group of experienced professional managers and principals that acquire or fund businesses, consult with the nonprofit community, and purchase real estate and affordable housing properties for the purpose of housing and employing individuals and families in crisis or challenge. The properties include single and multi family homes, apartments, hotels, and mobile home parks. The Company intends to control over 1000 units, housing 6000 persons, by the end of 2012.
Safe Harbor Statement
Except for historic information contained in this release, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital to execute its business plan, and effectively compete against similar companies.
CONTACT: American Community Development Group, Inc. John Folger (727) 522-0829 jfolger@acdginc.com