AHOA -- Affordable Homes Of America Files Its 2000 10-KSB Which Materially Restates 1999
BUSINESS WIRE
LAS VEGAS, Oct. 9 — Affordable Homes of America, Inc.'s (OTCBB:AHOA) ("Affordable Homes") fiscal 2000 financial statement, ending June 30, reflects fundamental change in the assets section of the balance sheet.
The Z MIX patent has been assigned an adjusted net value of $17,198,099. This new value changed the fiscal 1999 patent asset value from $394,313 to the $17,198,099, an increase of $16,803,786. This readjustment, carried over into the June 30, 2000 financial report, enhances and represents the fair market value of the Z MIX patent. Management feels that this re-valuation of the patent significantly enhances the value of AHOA.
Affordable Homes has restructured its management team. In June 2000, AHOA hired new a Chief Financial Officer, Michael Schulman, to strengthen the financial management of the Company. Affordable Homes, which has been a development stage company, projects significant revenues for fiscal 2001.
Affordable Homes has signed joint ventures and other agreements with multi-national corporations and/or organizations, such as Tristar USA of LA, Inc., Al Nasr Trading & Industrial Corp., and Quadrant Resources Corp. Each of these companies views AHOA's products and patents as revolutionary with unbridled market penetration potential. These Joint Ventures and agreements allow management to forecast increased revenue/sales from operations for fiscal 2001. Management remains confident that its projection will come to fruition and recommends viewing the current 10-KSB filing, which includes the restatement of the year ended June 30, 1999 as well as 2000.
SOURCE: Affordable Homes of America, Inc. Las Vegas, NV. |
