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.
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