Affordable Homes of America, Inc. Announces Year End 2000 Results; Assets Increase by Approx. $9 Million
LAS VEGAS, Sept. 28 /PRNewswire/ -- Affordable Homes of America, Inc. (BB:AHOA) ("Affordable Homes"), a Nevada-based corporation focused on developing and building homes, today announced results for the year ended June 30, 2000. Expenses of Affordable Homes, a development stage company, increased from $446,567 to $3,447,186, which included patent amortization of $1,032,642. The net loss for the year ended June 30, 2000 was $3,105,360, or $(.16) per share compared to a net loss of $332,329, or $(.06) per share for the year ended June 30, 1999. The Company also said that restatement of certain balance sheet items for the fiscal years 1999 and 2000 has resulted in total assets as of June 30, 2000 of $18,945,523, an increase of approximately $9 Million.
"Last year was an important milestone for Affordable Homes as the Company headed in a new direction and began a transition from a development stage company to a commercial entity focused on global marketing of our patented Z MIX product through strategic licensing and joint venture agreements," said CFO Michael Schulman. "With several such agreements completed, we feel that the Company is well positioned for revenue growth and profitability and for capturing a significant share of the multi-billion worldwide market for quality, affordable homes."
In June 2000 the Company entered into a five-year joint venture agreement with Tristar USA of LA, Inc., a company with existing contracts and contracts under negotiation totaling more than $250 Million for building homes in Developing Nations. In addition, the Company recently signed a binding Joint Venture Agreement with Al Nasr Trading & Industrial Corporation, domiciled in the Kingdom of Saudi Arabia, for penetrating the Middle Eastern housing market with the establishment of at least one manufacturing plant for the Z MIX formula.
Affordable Homes of America, Inc. is focused on developing and building homes for sale in the United States and abroad using new building techniques and a patented product that significantly reduce the overall cost and time of new home construction. The Company's patented Z MIX product, a cementitious mixture that combines cement, diatomaceous earth, bentonite and recycled products (such as shredded tires), is a lightweight building material that significantly reduces home construction costs. Affordable Homes has recently finished successful preliminary testing and design of railroad ties and utility poles.
Additional information of Affordable Homes of America, Inc. is available on the Company's website at http//www.affordahome.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1955: Certain information contained in this release contains forward-looking statements that involve risks and uncertainties, including but not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and market competition. SOURCE Affordable Homes of America, Inc.
-0- 09/28/2000
/CONTACT: investor relations, Mark Cohen of The Pinnacle Group, 516-773-2477; or Gary Smolen of Global Financial Resources, Inc., 877-822-8274; or Rich Kaiser of Yes International, Inc., 800-631-8127, all for Affordable Homes of America, Inc./
/Web site: affordahome.com
Companies or Securities discussed in this article: Symbol Name
BB:AHOA Affordable Homes Amer Inc (BB) |
