FORKED RIVER, NJ, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Dream Homes & Development Corporation DREM, a licensed new home builder and general contractor in New Jersey, recently filed its amended Quarterly Report for the period ended March 31, 2018, following an announcement that the Company had changed auditing firms. Dream Homes has also received Wetlands Delineation Approval from the NJ Department of Environmental Protection for a 77-lot subdivision in Gloucester County, NJ.
Dream Homes is pleased to announce that the Company will also be filing its amended quarterly reports for the periods ended June 30, 2019 and September 30, 2019 in the next few weeks. With the addition of its new independent auditor Boyle CPA LLC on July 22, 2019, the Company is positioned from this point forward to file the 2019 Form 10-K, as well as all future filings in a timely manner.
The Company just received the NJDEP (Department of Environmental Protection) ratification of the Wetlands Delineation, which was submitted in June of 2019. The approval/ratification of the Wetlands line, means that the NJDEP has officially agreed with the Company's proposed development structure, and has approved the 77 lots that the Company has proposed.
Located in a growing township in Gloucester County, the property is served by public sewer and water, and will be marketed as an age-restricted, manufactured home community. It is anticipated that the Company will finish development and acquire final approvals in the latter part of 2020.
Dream Homes CEO Mr. Vincent Simonelli stated, "In addition to the exciting environmental developments of our 77 lot age-restricted property, our sales and net income in 2019 have increased significantly year over year, and the company continues to enjoy the benefits of the increase in volume of new home construction versus renovation/elevation work."
Mr. Simonelli continued, "Our efforts to build our backlog of new home and land inventory continues. With the Wetlands approval for the Gloucester County property, we're adding an additional 77 units to our inventory. The new construction portion of the company offers us a better opportunity to scale the company to greater sales volume. With several of our new developments that are currently in the latter development stages coming online in in 2020/2021, we expect these projects to add significant earnings in the next few years. In addition to our new home developments, we're currently experiencing a back log of orders in our custom modular division, which is a very exciting development."
The company also wishes to notify all shareholders and persons of interest that Dream Homes & Development Corporation will be making announcements and updates via social media. Updates can be found on the Company's social media channel on Twitter at https://twitter.com/foxbuilder.
Overview:
Dream Building, LLC operates as a wholly owned subsidiary of Dream Homes and Development Corporation and continues to pursue opportunities in the real estate field, specifically in new home construction, home elevations and renovations.
In addition to the Company's projects that are in process, Dream Building, LLC has estimated an additional $6,200,000 worth of residential construction projects in the southern central NJ area and currently has over 560 active prospects to its data base. These prospects are all prime candidates for new homes and rebuilding projects to be built under the Dream Building, LLC division.
In addition to the projects which the Company currently has under contract for elevation, renovation, new construction and development, there are many parcels of land which the Company has the ability to secure, whether through land contract or other types of options. These parcels represent additional opportunities for development and construction potential on the order of an additional 400 - 800 lots and/or residential units to be developed and built within an approximate time horizon of 5 years.
Please see the Company's recently filed Amended Annual Report for the period ended December 31, 2018 on Form 10-K/A, and the recently filed March 31, 2019 Form 10-Q/A for a full list of "Properties currently under contract to purchase and in the development stage" and "Properties in discussion with signed letters of intent, not in contract."
About Dream Homes & Development Corp.
Dream Homes & Development Corp. DREM is a full-service construction company based in Forked River, New Jersey equipped to complete all aspects of a building project including design, architectural, engineering, and construction. As licensed new home builders and general contractors, Dream Homes is actively building, raising, renovating and reconstructing homes up and down the New Jersey shore area. Please visit our website at www.dreamhomesltd.com and blog at http://blog.dreamhomesltd.com for more information.
Please email vince@dreamhomesltd.com to be alerted in the future when Dream Homes (DREM) announces news.
Forward-Looking Statements
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks are detailed in the Company's respective filings with the Securities and Exchange Commission at www.sec.gov.
Company Contacts:
Dream Homes & Development Corp.
Vincent Simonelli, President & CEO
Office: (609) 693-8881
Email: vince@dreamhomesltd.com
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