Shades Holdings Provides Operational Update
FORT MYERS, Fla., Oct. 24, 2012 (GLOBE NEWSWIRE) -- Shades Holdings, Inc. (OTCQB:SHDH) ("Shades" or the "Company") today announced it generated a 19.0% return on investment from the sale of 18 homes. The turnaround time from acquisition to disposition of each property averaged 40 days.
Utilizing its business model of acquiring, rehabbing, and selling distressed single-family homes, Shades recorded revenues of $1.2 million for the 18 homes, which were located in Southwest Florida.
The real estate market in Florida continues to improve. Statewide, existing single-family home sales increased 2% in September from the year prior, according to data from Florida Realtors' Industry Data and Analysis department and partner 10K Research and Marketing, while pending sales jumped 40.1% in the comparable periods.
"We are extremely pleased to report strong results from recent sales," stated Andy Garrett, president and chief executive officer of Shades. "Our unique business model, which employs television and online auctions for the disposition of real estate, is well-positioned to capitalize on the improving market dynamics here in Florida. As we continue to produce positive results, we will seek to enter new markets with similarly attractive opportunities to drive further sales and grow shareholder value."
About Shades Holdings, Inc.
Shades Holdings, Inc., through its wholly-owned subsidiary Suncoast REO Holdings, Inc., engages in the acquisition and disposition of distressed real estate utilizing television and online auctions. The Company's business model is to acquire, improve, and sell single-family homes and vacant land.
The statements contained words that are not historical fact, including statements related to Company's future performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and that involve a number uncertainties. Actual results of the future events described in this document could differ materially. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.