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According to FIMA President Roy Sahachaisere, "Success in any industry is contingent upon the ability to stay ahead of market trends and to adjust to changing conditions. We are constantly evaluating our position and strategy in order to stay competitive in the marketplace. As a result of recent assessments regarding the current state and future projections of the real estate markets in the U.S. and abroad, we have chosen to focus our energies on what we believe are exceptional opportunities that, if properly exploited, have the potential to produce tremendous return on investment for our Company. Consequently, we have chosen to pursue more aggressively development targets in the U.S., and in order to facilitate this strategy, we will be dissolving our Standard Minerals subsidiary and severing our relationship with Island Wide Development. We are very confident that this will greatly enhance our ability to achieve our larger ambitions more quickly and effectively."
FIMA also announced that it is currently experiencing accounting delays due to difficulties obtaining accurate financial figures from its Mexican subsidiary Garcia & Garcia, based in Puebla, Mexico. The Company has completed all of its other accounting for Q1 2009, and once it receives the necessary financial figures from Garcia & Garcia, FIMA expects that it will be able to bring its filings up to date in short order.
About FIMA, Inc.:
FIMA is engaged in a diverse range of land development and utilization activities, such as the acquisition of raw land and the design and construction of commercial and luxury real estate in the resort regions of Mexico, resource exploration and development in Central and South America, and the acquisition and development of mining properties and mining rights in Central and South America. FIMA operates several subsidiaries, including a prestigious architectural design and construction firm based in Puebla, Mexico, as well as an integrated resource exploration and mining company with holdings in the prolific gold- and silver-producing regions of Colombia. For more information, visit the Company website at: http://www.fimadevelopmentinc.com.
Safe Harbor Statement:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
Contact: FIMA, Inc. 714-847-2460
SOURCE: FIMA, Inc.
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