CONCORD, Ontario, April 14 /– Metro One Development, Inc. (OTC Bulletin Board: MODI; ‘the Company’), a custom builder and property developer in the Greater Toronto Area (’GTA’), Canada, announced today a shareholder update from President and CEO Mr. Stuart Turk.
“On behalf of the Metro One Development Management team and Board of Directors, I’m proud to announce that, after a busy month following the sale of our VAR business, we have set the foundation to commence delivering on our business plan as a custom builder and property developer specialist in the GTA. We’ve launched our new website, www.metro-one.com, and will be regularly updating it as our business continues to grow.”
Turk continued, “Over the past four weeks, we’ve collected over $2.2 Million from our receivables, reducing our Accounts Receivable line with Laurus Funds to approximately $1.4 Million. We’ve also reduced our Promissory Note with Dutchess Private Equities Fund, Ltd. to $379,500. During the next 90 day period, we intend to collect the remaining corporate receivables, as well as eliminate all outstanding debt obligations, re-establishing the Company as debt-free.
Metro One has further retained the services of industry veteran Bradley Southam and his full-service multimedia department. In addition to in-house communication material produced for the sale and rental of our future development properties, their services will provide us the ability to generate supplemental revenue from the following marketplace streams: corporate video production, website development, company webcasts, web and print ads, television commercials, 3D home and building designs and DVD and CD creation.
We look forward to keeping you updated with our progress as our business develops.”
About Metro One Development, Inc.
Metro One Development, Inc. plans to develop business as a custom builder and property developer in the greater Toronto area. The company plans to acquire and renovate, either on a contract or speculative basis, properties for development or repurpose, after feasibility studies into the strong real estate appreciation potential of an area. Metro One Development, Inc. plans to strategically target growing affluent areas. As a broad spectrum developer and innovator that intends to cater to the consistently strong greater Toronto real estate market, the company intends to offer unique and exclusively designed — and of exceptional quality — housing, commercial, retail and industrial properties.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Any statement not regarding a historical fact is a forward looking statement. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the company’s ability to finance its planned expansion efforts; the company’s ability to raise funds on acceptable terms; the company’s ability to successfully adapt its business model and such other risks disclosed from time to time in the company’s reports filed with the securities and exchange commission including those on the company’s annual report on form 10-KSB. The company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in management’s expectations, except as required by law.
Source: Metro One Development, Inc.
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