TAMPA, Fla., Oct. 12, 2010 (GLOBE NEWSWIRE) -- American Community Development Group, Inc. (Pink Sheets:ACYD) today has announced that it has concluded a Joint Venture agreement with West Coast Serenity House, an established and successful drug and alcohol recovery program operator and housing provider in St. Petersburg, Florida.
As a Joint Venture partner, West Coast Serenity House offers a terrific model for the continued expansion of the affordable housing efforts of The Company as it implements its growth strategy towards ownership of 1000 housing units by the end of 2012. This expansion will greatly reflect on the ability of ACYD to offer quality social services and program support to clients that wish to become rehabilitated and successful taxpaying citizens, despite their disadvantages and challenges.
According to John Folger, the President and CEO of ACYD, "this key relationship is an integral building block to our active consulting, funding and implementation plan as we incorporate a broad range of social service providers that can convert the extensive loss of economic and human capital into a useful resource." He adds that "the losses created by the wasted talent and labor of these individuals cost our society tens, if not hundreds, of billions of dollars annually, so the successful transition of these people makes economic sense for our shareholders, our communities and our country."
According to Christine Mangels, The Director of West Coast Serenity House, "we were seeking an economic partner that not only understood our mission and goals, but that could advance and leverage our core capabilities by providing capital, housing and economic advantages, such as job creation. We are already discussing the start of several business ventures to create more employment opportunities."
American Community Development Group, "The Company," was founded to offer financial support and management guidance to the nonprofit community; including organizations struggling with 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 by investment into, or purchase of, businesses that offer ongoing employment," Mr. Folger added, "We are very active within the philanthropic community and plan to use our resources to assist the underserved populations."
For more information please visit our website at www.AmericanCommunityDevelopmentGroup.com.
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.