Annapolis-based community redevelopment reaffirms plans to increase shareholder value and updates board leadership
Community Redevelopment, Inc. (OTCMKTS:CRDV)
ANNAPOLIS, MARYLAND, UNITED STATES, July 8, 2022 /EINPresswire.com/ — Community Redevelopment, Inc. (CRDV) today announced a series of planned business and corporate governance actions that align with the company’s efforts to advance the long-term added value are consistent for everyone involved.
Garfield Antonio, President of CRDV, said: “Since becoming President of CRDV in Fall 2021, I have been committed to building a team with a deep understanding of real estate so that we can begin investing in real estate, technology and finance be able . The actions taken at our board meeting today serve as a foundation to fulfill our mission and create long-term value for our shareholders.”
To lead this effort, Joseph Gibbons was elected chairman of the board. Mr. Gibbons stated, “I am honored to lead the CRDV Board as this team has the professional experience and in-depth knowledge of all aspects of growing a business, as well as strong relationships across the real estate, technology and finance industries, to execute our mission of investing in communities and fostering lasting change.” During the meeting, the Board appointed Mr. Antonio as Chief Executive Officer of CRDV, effective immediately. Chairman Gibbons continued, “I look forward to working closely with Mr. Antonio to bring about positive change in the communities.” CRDV has appointed two highly qualified independent directors, Lara Fritts and Richard Balles, to its board effective immediately.
With the new board, CRDV reiterated the following previously announced activities that will result in long-term value creation for stakeholders:
• Introduction of a performing and a non-performing debt security business
• Development of a property in San Antonio with joint venture partner Pioneer Development
• Development of properties under the Mosaic brand
• The purchase of 10 lots in Washington, DC
To assist President Antonio in completing these and other projects, the Board of Directors promoted Lara Fritts to Chief Operating Officer and appointed Richard Balles to Head of Development, effective immediately.
About Ms. Lara Fritts
Lara Fritts comes to CRDV with an extensive background in building economic development organizations for elected officials, having established six public-private partnerships and facilitating nearly $2 billion in private investment and public sector investment in real estate projects.
About Sir Richard Balles
Richard Balles is a well-known real estate developer in Washington DC with tremendous success in bank and mortgage lending ventures, particularly in the affordable housing space. He brings to CRDV his expertise in market interest rates and naturally occurring affordable housing, as well as a deep understanding of real estate finance.
The Board of Directors has decided to move the Company’s headquarters to Annapolis, Maryland where most of its pipeline projects are located. Both Baltimore and Washington DC have high demand for affordable housing, making these regions the ideal place to begin laying the groundwork to fulfill CRDV’s important mission. CRDV will retain an office at 2650 Biscayne Boulevard, Miami, Florida for future projects and developments in this area.
As part of this restructuring, several of the former board members have formally resigned from their positions in the company at CRDV to continue working with parallel companies in the real estate development space. They include Charles Arnold, Stalin Cruz and Ronald Silver, who will focus their energies on Community Development Asset Management, LLC, and Kevin Humes, who will lead The Anthem Project.
ABOUT THE REHABILITATION OF THE COMMUNITY
Community Redevelopment (CRDV) is a comprehensive, all-inclusive real estate, finance and technology company investing in the future of urban and suburban communities. Their goal is to develop neighborhoods that embrace technology that provide equitable solutions to traditionally underinvested communities and drive sustainable change – social, economic and environmental. CRDV has an elite team of professionals who have a significant combined experience of over 100 years in real estate development, finance and technology. Visit comredev.com for more information.
This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements identified by words such as “believes,” “expects,” “anticipates,” “estimates.” ‘, ‘intend’, ‘plan’, ‘goals’, ‘projects’ and similar expressions. Statements in this press release are based on management’s current beliefs and expectations and involve significant risks and uncertainties. Actual results may differ from the forward-looking statements. Numerous factors can cause or contribute to such differences, including but not limited to results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of competing products, our ability to license and protect our intellectual property , our ability to raise additional capital needed to sustain our business in the future, changes in government policies and/or regulations, potential litigation by or against us, any regulatory review of our products or practices, and other risks from time to time in discussed our filings with the Securities and Exchange Commission, including but not limited to our most recent 10-Q report filed on May 16, 2022. We undertake no obligation to update any forward-looking statements or any information contained in any press release or other public communication at any time. Finally, the investing public is reminded that the only announcements or information about Community Redevelopment Inc. condoned by the company must be from the company itself and must bear our name as the source.
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