ST. PETERSBURG, Fla., June 1, 2010 (GLOBE NEWSWIRE) -- American Community Development Corp. announced today that effective immediately, it will be known as American Community Development Group, Inc. (Pink Sheets:ACYD). This name change coincides with the approval by FINRA for the reverse split of the stock and the start of trading on the Pink Sheets under the symbol ACYD.PK
According to President/CEO, John Folger, American Community Development Group, Inc. (ACDG) is a for-profit corporation founded to provide economic support and management guidance to the non-profit sector to assist in their support of various economically distressed populations. "We believe in the concept of social entrepreneurship as stewards of our own and our investors' resources while also creating strong economic returns on capital."
"We have chosen this field because it offers stable growth and is a socially conscious application of the talents of our management team. We have agreements with non-profits that provide services and that operate missions for the homeless, ex-offenders, drug and alcohol programs, and housing facilities for other disadvantaged populations in the Tampa Bay, Florida area," Folger said.
Affordable Housing
"We are acquiring interests in multi-family, affordable housing and other high occupancy commercial real estate properties. We will break new ground as a national provider of these affordable housing services by specializing in residents that have been previously under-served. As a for-profit company, we have the ability to acquire, renovate and manage group housing, primarily apartments and mobile home parks. We will dramatically increase cash flow through greater population density combined with efficient and professional property management," Folger related.
Job Creation is Profitable Enterprise
The second focus of ACDG is to create jobs appropriate to the same disadvantaged citizens further supporting social entrepreneurship. These jobs will be created in various enterprises that require minimal capital versus their return through profits. The enterprise will be created through acquisition of profitable businesses or the launching of franchise type businesses that meet the employment and profitability criteria.
ACDG is creating multiple non-profit relationships nationally that have an ongoing need for both housing and job creation, and have government assisted agreements to assist in placement of disadvantaged citizens. ACDG projects 90% occupancy rates can be accomplished over a 90 day period with each new property acquired.
The corporate principals of ACDG are experienced property developers and managers on a national level in residential/commercial real estate. They also have a wealth of experience in emerging growth of public and private entities, capital markets, and merger/acquisition strategies.
Mission Statement
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.