RESTON, Va., Jan. 27, 2012 (GLOBE NEWSWIRE) -- Comstock Homebuilding Companies, Inc. ("Comstock" or "Company") (Nasdaq:CHCI) today provided a progress update on its strategic plan.
The Company announced the following business updates in its Multi-family and Homebuilding divisions:
The Company announced that it plans to release results for Q4-11 and FY-11 on or before March 30, 2012.
"We are pleased to report that our accomplishments in prior periods have stabilized our company and positioned Comstock for a return to profitability and renewed growth," remarked Christopher Clemente, Comstock's Chairman and Chief Executive Officer. "The upcoming closing of the sale of our Cascades apartment asset, coupled with continued sale activity at the Eclipse and Penderbrook projects, will enhance Comstock's ability to capitalize on attractive opportunities that exist in the multi-family rental market and select for-sale homebuilding opportunities in the Washington, DC marketplace."
About Comstock Homebuilding Companies, Inc.
Established in 1985, Comstock is a multi-faceted real estate development and services company. Our substantial experience in building a diverse range of products and track record of developing successful projects has positioned Comstock as a prominent real estate development and services company in the Washington, DC market. Comstock Homebuilding Companies, Inc. trades on NASDAQ under the symbol CHCI. For more information on the Company or its projects, please visit www.comstockhomebuilding.com.
The Comstock Homebuilding Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5034
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking" statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual future results to differ materially from those projected or contemplated in the forward-looking statements. Additional information concerning these and other important risks and uncertainties can be found under the heading "Risk Factors" in the Company's most recent Form 10-K, as filed with the Securities and Exchange Commission. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
CONTACT: Joe Squeri, Chief Financial Officer (703) 883-1700