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COMMUNITY REDEVELOPMENT, INC. ANNOUNCES BOARD OF DIRECTORS ACTIONS

Annapolis based Community Redevelopment Highlights Plans to Enhance Stockholder Value and Updates Board Governance

OCTOBER 3, 2022

ANNAPOLIS, MD (October 3, 2022) (Globe Newswire– Community Redevelopment, Inc. (CRDV), today announced a series of corporate governance actions consistent with the Company’s efforts to drive long-term value creation for all stakeholders.

 

In a Board of Director’s Meeting held this past Friday, the Board named our current COO Mrs. Lara Fritts as the Chief Executive Officer of CRDV effective immediately. Joseph Gibbons, CRDV Board Chairman noted “I am looking forward to working closely with Mrs. Fritts in her new role. Her proven effective administrative capability within the company since becoming Chief Operating Officer, along with her strong background in organizational development, made her the obvious choice to lead the company into the future. Mrs. Fritts has extensive experience building and leading government departments and public-private partnerships and has a proven history of executing significant developments in the public sector”.

 

Our previous CEO Mr. Garfield Antonio is stepping back from his role as CEO and President as he is now undergoing treatment for health issues, however shall retain his title as “Director” and continue to contribute to the Company and its mission. 

 

With its focus on developmental real estate with specific criteria, the elevation of Richard Balles, with over 20 years of project developmental experience in both real estate and finance, Richard is the natural person to fill the role of President effective immediately. Chairman Gibbons stated, “Richard’s in-depth knowledge of the Greater Washington DC market, is both a strength and an asset, as we are now planning to acquire multiple projects in the region. In addition, Balles’ exceptional entrepreneurial ability is an obvious and valuable skillset for CRDV.”

 

Our Directors Balles’ and Fritts’ combined professional experience and integral knowledge of all aspects of growing a business along with strong C level management experience and relationships throughout the real estate and finance industries made them the best candidates to fill these key leadership positions and to execute CRDV’s mission of investing in our local communities and advancing sustainable change. 
 

About Mrs. Lara Fritts

Lara Fritts comes to her new role at CRDV with an extensive background in building economic development organizations for elected officials having started six public-private partnerships and having facilitated almost two billion dollars of private investment and making public sector investments in real estate projects.  

 

About Mr. Richard Balles 

Richard Balles is a prominent real estate developer in Washington DC with tremendous success in ventures related to banking and mortgage lending, specifically in the affordable housing domain.  He brings to CRDV an expertise in market rate and naturally occurring affordable housing as well as a deep understanding of real estate finance.   

 

Additionally, the Board added a highly qualified independent director, Michael P. Zink, to its Board effective immediately. At the age of 39, Mr. Zink has over 15 years of professional experience as a CPA which includes working with and for large public real estate companies. Michael earned a Bachelor of Science in Business Administration from Bucknell University and brings significant value to CRDV’s team. 

 

Finally, the Board approved the terms for an acquisition of two properties in Washington, DC.  Details of the acquisition will be forth coming. 

ABOUT COMMUNITY REDEVELOPMENT

Community Redevelopment (CRDV) is a comprehensive all-inclusive real estate, finance, and technology company investing in the future of urban and suburban communities. Their objective is to develop neighborhoods utilizing technologies that provide equitable solutions for traditionally underinvested communities and advance sustainable change - socially, economically, and environmentally. CRDV has an elite team of professionals who bring significant combined experience of over 100 years in real estate development, finance, and technology. Visit comredev.com for more information.

FOWARD-LOOKING STATEMENTS

This announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our latest 10-Q Report filed on August 29th, 2022. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Community Redevelopment Inc. which are condoned by the Company must emanate from the Company itself and bear our name as its Source.

CORPORATE CONTACT

Elaina Beam | Media Consultant

elaina@communityredevelopment.net

(410) 224-3500 x701