New York, NY / ACCESSWIRE / August 25, 2014 / Profitable Developments, Inc. (OTC Pink: PRDL), announced today, that they have sold the first residential property in their portfolio at a gain of over 100%. The company entered into contract, in June, to acquire two residential properties and one commercial property in a distressed asset acquisition.
We have completed the sale of the first residential property and recorded a gain of over 100% on the sale. The remaining residential and commercial properties have already received several bids each for significantly higher than the contract price. We intend to sell the remaining two properties prior to closing, which allows us to save significant closing costs through the assignment of the contracts or simultaneous closings.
"The recent return of over 2 Billion shares by management, means this will have an even greater impact on our shareholder value" commented Carl Grant, President of Profitable Developments, and further said "We are really excited to begin working with a group of investors who are committed to funding our real estate investments" Mr. Grant also noted "This first step is a long awaited and crucial step in increasing shareholder value through acquisition of distressed properties at a steep discount and selling them for large percentage gains. We are already negotiating to buy larger groups of properties and hope to be in contract for more properties shortly."
About Profitable Developments, Inc.
Profitable Developments, Inc. is Property Development Company listed on the OTC markets as a Current Information Company. Specializing in key locations globally in both underpriced land as well as in Property, the Company has an aggressive strategy to capitalize on the rising prices of Real Estate.
This press release may contain forward-looking statements, including information about management's view of Profitable Developments, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Profitable Developments, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on Profitable Developments' future results. The forward-looking statements included in this press release are made only as of the date hereof. Profitable Developments cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Profitable Developments undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Profitable Developments.
SOURCE: Profitable Developments, Inc.