HOUSTON, Jan. 4, 2005 (PRIMEZONE) -- CortDev, Inc. (Pink Sheets:CDVJ), a real estate development company, today passed a resolution to replace Andrea Cortellazzi as president and chief executive officer. The new president and CEO will be announced once the transfer of ownership has been finalized. In addition, new members will be appointed to the Company's Board of Directors upon formal change of ownership. Under the new management structure, Andrea Cortellazzi will serve on the Company's Advisory Board. His duties will be to provide professional consultation with regards to CDVJ's ongoing real estate development projects in order to ensure their timely and effective completion. This change of ownership at CDVJ is in line with the Company's efforts to diversify its operations into several new fields including the oil and gas industry. CDVJ is planning to hire additional employees to adequately staff and manage its current and upcoming development projects.
CDVJ is also pleased to announce that it has signed an agreement to acquire a publicly traded, debt-free oil and gas corporation. Under the terms of the agreement, CDVJ will assume complete ownership of the firm including its interests in productive, revenue-generating oil wells in the US. Further details on this acquisition will be released once it receives legal and regulatory clearance.
Please note that the Corporate website, www.cort-dev.com, is in the process of being re-designed to reflect the new management structure and direction of the Company. The new website will also include further information on the Company's current development projects. The Company is planning to launch the new website by the end of January.
For more information please contact CEO Andrea Cortellazzi at 514-288-9699.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.