ORLANDO, Fla., March 4, 2009 (GLOBE NEWSWIRE) -- Promotora Valle Hermoso (OTCBB:PVHI), is pleased to announce that its subsidiary 494 UNR has completed and turned in the second stage of multifunctional living complex with social infrastructure project "Marshal" (http://www.mrybalko.ru/). The second stage consists of 256 condos with 157,623 sq. feet of living space and 8,070 sq. feet of office space. The total revenues from the second stage sale are expected to top 33,000,000 USD.
About Promotora Valle Hermoso:
Promotora Valle Hermoso has a 68% ownership in its subsidiary 494 UNR. 494 UNR is a construction and development company with its principal offices located in Bronnitsy (Moscow region), Russian Federation. 494 UNR operates primarily in Moscow and the Moscow area and designs/builds residential apartment complexes, and other commercial structures, and provides infrastructure construction services, in particular a road base product for road construction. More detailed information on the housing projects can be found on the Promotora Valle Hermoso corporate website: http://www.unrhs.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this report reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.
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