FORKED RIVER, NJ / ACCESSWIRE / September 16, 2021 / Dream Homes & Development Corporation (OTC PINK:DREM), a licensed new home builder and general contractor, is issuing this press release in response to a significant increase in its trading activity and price appreciation in the past few trading days. On Tuesday, September 14, 2021, DREM stock traded in a range of .0676 and .32 per share on record volume of 2,749,162 closing at a price of .12 per share.
President and CEO Vince Simonelli stated, "Although we have long believed that Dream Homes stock price does not accurately value our real estate assets as well as the potential added value that our construction efforts will bring to those assets, there is no specific material event that has occurred to account for the sudden new interest. In our most recent quarterly report, we announced significant year over year percentage gains in our current assets, total assets, and cash."
Simonelli added, "With that said, we do anticipate a strong year ahead. In addition to our regular remodeling and elevation work on residential homes, we specifically list below our larger projects and properties currently owned, in contract, or in title. All of this information was included in our most recent quarterly report for the quarter ended June 30, 2021 and posted on August 23, 2021 (view at: DREM 10Q ended 06.30.21 PDF). Simonelli concluded, "We also note that in anticipation of more corporate activity over the next year, Dream Homes signed a new one year consulting and Investor Relations agreement with Green Chip Investor Relations that began on September 1, 2021."
Properties Currently Owned:
- Berkeley Terrance - Bayville, NJ - 70 approved townhome units: The closing to acquire this property occurred on June 29, 2021, but Dream Homes is awaiting a commitment with a permanent lender for development and construction financing. Dream Homes is preparing to begin infrastructure work on the property, and start a pre-sales program. The first closings are scheduled to occur in late spring of 2022.
- Lacey Township, NJ - "Dream Homes at the Pines": Dream Homes is in contract and under development for a parcel which will yield 68 new townhomes in the Ocean County, NJ area, of which 54 are market rate and 14 are affordable housing. As of February 26, 2021, financing was secured to purchase the land upon municipal approvals being granted. The closing to acquire the property occurred on June 29, 2021, and the Company is currently in title.
- Dream Homes Apartments - Fairview: On May 3, 2018, the Company submitted a signed Letter of Intent to purchase 5.5 acres of property in Gloucester County, which is being approved for a 112-unit apartment complex with 8000 square feet of retail space. Dream Homes has a signed contract and has been proceeding with development approvals. The property is designated as a redevelopment property, and a redevelopment agreement is being negotiated with the township. On February, 28, 2021, the closing to acquire this property occurred via an assemblage of three parcels.
- Louis Avenue - Bayville, NJ - In title: In October 2018, the Company entered into a contract to develop and acquire 17 townhouse lots in Bayville, NJ. The matter was heard before the Berkeley Planning Board on October 3, 2020 and the Company was awarded preliminary approvals for 17 townhome units. An application is currently being made for final approvals, and the Company should be heard at the October 2021 planning board meeting. The Company acquired this property on August 4, 2021.
Management at Dream Homes plans to provide updates and news on a more consistent basis over the next year and beyond. We thank all our loyal and new shareholders for their patience and support as we transition to a more active time in our company's history.
About Dream Homes & Development Corp.
Dream Homes & Development Corp. (OTC Pink: DREM) is a full-service construction company based in Forked River, New Jersey equipped to complete all aspects of a building project including design, architectural, engineering, and construction. As licensed new home builders and general contractors, Dream Homes is actively building, raising, renovating and reconstructing homes up and down the New Jersey shore area.
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks are detailed in the Company's respective filings with the Securities and Exchange Commission at www.sec.gov.
Dream Homes & Development Corp.
Vincent Simonelli, President & CEO
Office: (609) 693-8881
Email: [email protected]
Green Chip Investor Relations
President: Matt Chipman
Email: [email protected]
Building on a history of over 1,600 new homes built, and over 400 elevation/renovations, the management of Dream Homes & Development Corporation has positioned the company to emerge as a rapidly growing regional developer of new single-family homes & subdivisions as well as a leader in coastal construction, elevation and mitigation. The Company has been focusing recently on new single-family homes along the shore of New Jersey, both modular and site-built construction. DHDC is also working on development of new subdivisions in both Ocean and Gloucester counties. In the years that have passed since Superstorm Sandy flooded over 30,000 owner-occupied homes, Dream Homes has helped hundreds of homeowners to rebuild or raise their homes to comply with new FEMA requirements. While other builders have struggled to adapt to the changing market and complex Federal, State and local regulations involved with coastal construction in Flood Hazard Areas, Dream Homes has excelled. As many of our competitors have failed, Dream Homes has developed a reputation as the region's most trusted builder and has even become known as the "rescue" builder for homeowners whose projects have been abandoned by others. Due to the damage caused by the storm, as well as the material changes in the FEMA flood maps which now require over 30,000 homeowners along the New Jersey coastline to elevate their homes, Dream Homes is positioned to capitalize on this opportunity for substantial revenue growth.
Dream Homes and Development Corporation, through its subsidiaries and affiliate companies, continues to pursue opportunities in the real estate field, specifically in new home construction, home elevations and renovations. The amount of these projects currently under contract as of June 30, 2021 is $8,825,554. In addition to the above projects, which are in process, the Company has also estimated an additional $6,500,000 worth of residential construction projects and added over 200 active prospects to its data base. All these prospects are prime candidates for educational videos and short books on specific construction and rebuilding topics, as well as candidates for rebuilding projects. In addition to the projects which the Company currently has under contract for elevation, renovation, new construction and development, there are a number of parcels of land which the Company has the ability to secure, whether through land contract or other types of options. These parcels represent additional opportunities for development and construction potential.
Dream Homes has experienced solid growth in both the new home and elevation divisions, as well as strong additions to our personnel infrastructure, which are just now beginning to bear fruit. Our new Modular Home Showroom in Little Egg Harbor has also led to an increase in modular traffic and sales, as well as facilitated and increased client selections throughout our entire region. The Company was awarded the Ocean County Best of the Best Awards for 2017, 2018, 2019 & 2020 in two categories (Best Custom Modular Builder and Best Home Improvement Contractor), which has caused significant new awareness and interest from the public. This has led to more showroom traffic, completed estimates and signed contracts. Referrals about Dream Homes are also being generated from many industry professionals, such as architects, engineers and attorneys, who've either had clients with abandoned projects or simply want to retain Dream due to superior performance and reliability. The phrase ‘The Region's Most Trusted Builder' accurately describes the company and is becoming increasingly well known to homeowners in need of new homes, elevation & renovation work. The management team has never failed to complete a project in over 28 years in the industry. The Company's business model over the last year has been focused on increasing the new home and new development portion of our business, until it represents 50% - 70% of our entire revenue stream, from the current level of 20%. New home development has a much greater scalability and growth potential than elevation/renovation work. Though the Company has enjoyed steady growth in the renovation/elevation portion of the company the new homes division continues to represent a greater percentage of total revenue. By the end of 2021, new home construction and development should represent over 70% of revenue. Management hopes for steady growth in all segments of the company, since the rebuilding process will occur over the next 15-20 years. The combined total number of homes affected by Storm Sandy that will need to be raised or demolished and rebuilt is in excess of 30,000 homes, of which less than 10,000 have been rebuilt. This remaining combined market for new construction and elevation projects in the Company's market area is estimated to be in the range of $3.4 billion dollars. The company anticipates being able to efficiently address 5% - 10% of this market. Dream Homes' potential operations include the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first time move-up single-family and multi-family homes. Due to the opportunities afforded by the market conditions, Dream Homes and Development Corporation will continue to pursue opportunities in the construction and real estate field, specifically in new home construction, home elevations and renovations.
Liquidity and Capital Resources
As of June 30, 2021 and December 31, 2020, our cash balance was $320,959 and $55,519, respectively, total assets were $7,561,141 and $1,374,586, respectively, and total current liabilities amounted to $5,292,949 and $860,672, respectively, including loans payable to related parties of $292,895 and $3,671, respectively. As of June 30, 2021 and December 31, 2020, the total stockholders' equity was $543,192 and $504,914, respectively. We may seek additional capital to fund potential costs associated with expansion and/or acquisitions.
SOURCE: Dream Homes & Development Corp.