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Cardinal Communications' Sovereign Homes Division Announces $6.6 Million in Condo Sales at Company's Stroh Ranch and Colony Ridge Developments26 May 2006
Cardinal Communications, Inc. (OTC Bulletin Board: CDNC), a provider of voice, video and high-speed broadband communications services, and a specialized developer of residential real estate, today announced that its Sovereign Homes of Colorado subsidiary has entered into sales contracts for all existing condominium inventory at its Colony Ridge development in Thornton and its Stroh Ranch project in Parker. Sovereign expects to close on $2.5 million in contracted units at Colony Ridge and $2.4 million at Stroh Ranch by the end of the second quarter. An additional $1.7 million in units under contract at Stroh Ranch are expected to close by the end of August.
According to Jeff Fiebig, division president, Sovereign Homes' properties have been selling at a record pace. "The Sovereign team is working aggressively to replace inventory at both of these developments. We are proud that our entire condo inventory is under contract, and buyers have recognized the value our units represent within these communities."
Ed Garneau, CEO of Cardinal Communications, Inc., said, "We recently projected that Sovereign Homes of Colorado would achieve record sales of single-family homes and condominium properties in the final three quarters of 2006, and also predicted that this milestone would ultimately help Cardinal Communications achieve profitable results. We intend to work aggressively to achieve these objectives."
About Cardinal Communications, Inc.
Cardinal Communications operates a suite of vertically integrated businesses that provide both bundled digital communications services (voice, video and high-speed Internet) and high-quality real estate to the residential marketplace. The Company's expertise in communication infrastructure and turnkey residential development allows Cardinal to capitalize on growing demand among homebuyers for modern residences that are pre-equipped with a range of digital communications options. The Company is also partnering with other developers that seek Cardinal's expertise in designing, building and operating residential communication networks that will deliver long-term revenue opportunities. Cardinal also operates Get-A-Phone, a provider of specialized local and long-distance calling programs in select U.S. markets.
For more information, visit the Company's corporate website at http://www.cardinalcomms.com, or call Craig Cook, Chief Administrative Officer for Cardinal Communications, at (303) 285-5348.
SAFE HARBOR STATEMENT: Some information in this release is forward looking. These forward-looking statements may be affected by the risks and uncertainties in Cardinal Communications and its subsidiaries and divisions. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Cardinal Communications' Securities and Exchange Commission filings. Cardinal Communications wishes to caution readers that certain important factors may have affected and could in the future affect its actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of Cardinal Communications. There are many factors that will determine whether Cardinal Communications will be successful in its endeavors, including, without limitation, access to adequate capital and consumer acceptance of its telecommunications service offerings. Cardinal Communications undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
Contact:
Craig Cook, Chief Administrative Officer
Cardinal Communications, Inc.
303-285-5348
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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