WASHINGTON, Nov. 28, 2005 (PRIMEZONE) -- Syndication Net, Inc. (OTCBB:SYCI) reported 3rd Quarter 2005 gains of .02 cents per share, up from losses of .05 per share reported for the same period last year. "A $275,000 profit for the quarter is a great start but, in my opinion, only the beginning," said Sorrentino (CEO Syndication). The Company's new subsidiary, HTRG & Associates did not come on line until September 1st, 2005 and the 3rd Quarter filing included only the first 30 days of its Real Estate appraisal operations. The Company anticipates continued revenue growth into the 4th quarter as it will include HTRG's first full financial reported period and the addition of the real estate development activities as a compliment to the real estate appraisal business.
"What an exciting and productive 3rd Quarter. By creating and launching HTRG & Associates as a wholly owned subsidiary, the Company was able to add a dimension of traditional revenue to its growth tactics. Although, it remains the Company's intention to continue to pursue a growth strategy by way of mergers and or acquisition, I anticipate that the HTRG subsidiary will provide traditional style revenue and income as a compliment to the overall execution of our business plan," said Sorrentino.
Additional positive developments and Company income generated during the Quarter resulted from the relief of debt and a positive upgrade and risk reclassification of return and repayment potential on the investment, loans, and interest due from Tri-State Metro Territories LLC.
About Syndication Net.com
Syndication Net.com, a Delaware corporation based in Washington, D.C., is a consulting company formed to acquire, create and provide financial, management and technical support to development-stage, e-commerce and traditional brick-and-mortar businesses. In addition, Syndication Net further assists target companies in various capacities including the development and implementation of business models that capitalize on the Internet's ability to provide solutions to traditional companies, building corporate infrastructure, managing rapid growth, evaluating and negotiating corporate transactions and providing advice relating to corporate finance, financial reporting and accounting operations.
This release and oral statements made from time to time by the company's representatives concerning the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "believes," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by the company with the Securities and Exchange Commission, which should be considered together with any forward looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.