Community Redevelopment, Inc. Announces Board of Directors Actions

Rhea-AI Summary

Community Redevelopment, Inc. (CRDV) has announced leadership changes aimed at enhancing shareholder value. Lara Fritts has been appointed as the new CEO, succeeding Garfield Antonio, who will continue as a Director while undergoing health treatment. Richard Balles is now President, bringing over 20 years of experience in real estate and finance. The Board has also added independent director Michael P. Zink, a CPA with extensive public company experience. Additionally, CRDV is planning to acquire two properties in Washington, DC, with further details forthcoming.

Positive

• Appointment of Lara Fritts as CEO expected to strengthen leadership and improve operational effectiveness.
• Richard Balles appointed as President, bringing significant real estate development experience.
• Addition of independent director Michael P. Zink enhances governance with his CPA expertise.
• Upcoming acquisition of two properties in Washington, DC, could expand CRDV's market presence.

Negative

• Transition in leadership may raise concerns about continuity in strategy and execution.
• Health issues leading to the previous CEO's step back could create uncertainty among stakeholders.

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

Annapolis, Oct. 03, 2022 (GLOBE NEWSWIRE) -- ANNAPOLIS, MD (October 3, 2022) – Community Redevelopment, Inc. (CRDV), today announced 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. Ms. 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 15 years of professional experience as a CPA which includes complex accounting and company filings for a large public real estate company. 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 29^th, 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.

FAQ

What changes were made to the CRDV leadership team?

Lara Fritts was named CEO, Richard Balles became President, and Michael P. Zink was added as an independent director.

Who is the new CEO of Community Redevelopment, Inc. (CRDV)?

Lara Fritts has been appointed as the new CEO of CRDV.

Why did the previous CEO of CRDV step down?

The previous CEO, Garfield Antonio, stepped back due to health treatment but remains a Director.

What are CRDV's plans for property acquisitions?

CRDV is planning to acquire two properties in Washington, DC, with more details to come.

How will the leadership changes impact CRDV's strategy?

The leadership changes aim to enhance operational effectiveness and drive long-term value creation for shareholders.