DENVER, Aug. 17, 2004 (PRIMEZONE) -- Across America Real Estate Development (Pink Sheets:AARD) today announced a profitable second quarter and a profitable six months ending June 30, 2004. AARD is a national, publicly traded company that is a co-developer and investor partner focusing on 100 percent financing of build to suit projects. The Company also provides funding for those transactions where a bank requires developer equity.
For the second quarter, the Company reported consolidated revenues of $699,596 with a net income of $30,691 or a basic and diluted profit of less than one cent per share. This compares to the first quarter of 2004 where the Company reported no revenue and a loss of $23,168 or a basic and diluted loss of less than one cent per share for the quarter.
For the six month period ending June 30, 2004, the Company reported consolidated revenues of $699,596 and realized net income and a profit of $8,023 or less than one cent per share.
In announcing the results of the quarter and six months Alex Lagerborg, President and Chief Executive Officer of the Company said, "As we are in the early stage of our business development we are pleased to announce that the Company has created a profit. We move toward the goal of continued profitability and seek to provide the best in class build to suit equity financing to our developer partners. We are focusing our efforts in building our business and our relationships with companies and developers that are engaged in build to suit development. The Company continues to be committed to act as a co-developer and investor partner and not only a lender. For potential developer partners we have adopted the phrase 'More Projects . . . More Profits . . . ' meaning that developers can expand the number of projects they complete and potentially the profit they make by partnering with AARD."
About Across America Real Estate Development
Based in Denver, Colorado, Across America Real Estate Development (Pink Sheets:AARD) is a national, publicly traded company that is an investor partner to real estate developers focusing on 100% financing of build to suit projects and also providing financing for those transactions where a bank requires developer equity. For more information visit our website www.aard.us
This press release can also contain certain information about AARD's business prospects and financial projections. These are only prospects and projections based upon good faith current expectations of the management of AARD. This information is based on assumptions as to future events that are inherently uncertain and subjective. AARD makes no representation or warranty as to the attainability of such assumptions or as to whether future results will occur as projected. You are expected to conduct your own investigation with regard to AARD and its prospects.
Additional information can be found at the Company's web site at www.aard.us. Copies may also be obtained by contacting Across America's offices at 303-468-3974. The company assumes no obligation to update the information in this press release.