Tue. Jun 22nd, 2021

Gig Harbor, Washington, May well 17, 2021 (Globe NEWSWIRE) — Harbor Customized Progress, Inc. (“Harbor,” “Harbor Customized Homes®,” or the “Company”), (NASDAQ: HCDI), an revolutionary and market foremost genuine estate organization included in all features of the land advancement cycle, nowadays introduced that 2021 first quarter revenues were being $13,874,200 with a net decline of $1,549,200.  Harbor CEO, Sterling Griffin stated, “We are targeted on acquiring serious estate belongings in the swiftest developing regions of the place to capitalize on the serious lack of housing nationwide. As a final result of our considerable development, we foresee acquiring profitability in the second quarter of 2021.”

Harbor also introduced that it has entered a agreement to purchase 233 acres found 40 miles south of Vancouver, British Columbia in Blaine, Washington and has secured a agreement to receive 53 acres of oceanfront assets in Punta Gorda, Florida.

“We are thrilled to be opening up two new regional markets in 2021,” stated Mr. Griffin.  “Located in Whatcom County, Washington, Blaine is a city that straddles the U.S.-Canadian border. Stock of accessible housing in Blaine and Whatcom County is very confined. Vancouver, British Columbia, with a metro market place inhabitants of 2,700,000, is just more than an hour’s push from the Horizon subdivision that we have contracted to acquire. The U.S.-Canadian border has been closed for non-important journey due to the fact of Covid 19 considering the fact that March 2020. After the border reopens, we believe it will put substantial strain on the constrained stock of out there housing in Whatcom County, Washington and offer us a important and unprecedented housing possibility.”

Situated close to 24 miles from Fort Myers, Florida, the Punta Gorda oceanfront assets offers Harbor Personalized Houses the possibility to assemble close to 200 ocean front luxurious condominiums.  The condominiums will be a combine of two- and 3-bedroom units and are predicted to have an ordinary revenue price of $550,000.  The populace of the Cape Coral – Fort Myers metro place is roughly 790,000. “Moving into the South Florida industry has been a important aim for us,” commented Mr. Griffin. “Like our Austin, Texas operations, we believe that South Florida presents a professional-company and serious estate centered setting that presents Harbor Tailor made Homes the option to generate a significant regional existence.”

About Harbor Custom Development, Inc.

Harbor Tailor made Growth, Inc. is a genuine estate growth firm included in all facets of the land enhancement cycle like land acquisition, entitlements, design of job infrastructure, residence making, marketing and advertising, income, and management of several residential jobs in Washington condition, California, and Texas.  Harbor has energetic or not long ago marketed-out household communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the condition of Washington. Harbor has also acquired created lots and plans to start out constructing homes in the Sacramento and Austin metro markets starting in the second quarter of 2021. The Darkhorse Golfing Study course group, situated approximately 50 miles northeast of Sacramento in Auburn, California, and the La Ventana and Bunker Ranch subdivisions situated close to 22 miles from Austin, in Driftwood and Dripping Springs, Texas, are Harbor’s newest locations. Harbor Tailor made Development’s company system is to acquire and create land strategically, based mostly on an comprehending of population growth patterns, entitlement restrictions, infrastructure enhancement, and geo-economic forces. Harbor focuses on serious estate within just focus on marketplaces with hassle-free accessibility to metropolitan areas that are usually characterized by various financial and work bases and expanding populations.  For additional information on Harbor Customized Enhancement, Inc., remember to go to www.harborcustomdev.com.

Ahead-Searching Statements

This push launch contains forward-searching statements within the that means of Portion 27A of the Securities Act of 1933, as amended, and Segment 21E of the Securities Exchange Act of 1934, as amended.  These statements relate to, but are not constrained to, anticipations of upcoming running success and financial effectiveness, which includes GAAP and non-GAAP assistance for the yr ending December 31, 2020 and the year ending December 31, 2021, the calculation of sure of our key financial and operating metrics and expectations with regards to profits of inventory, as nicely as assumptions relating to the foregoing.  Ahead-hunting statements are inherently topic to pitfalls and uncertainties, some of which simply cannot be predicted or quantified.  In some instances, you can establish ahead-looking statements by terminology such as “may,” “should,” “could,” “expect,” “plan,” foresee,” “believe,” “estimate, “predict,” “target,” “project,” “intend,” “potential,” “would,” “continue,” “ongoing,” or the negative of these phrases or other similar terminology that problem our anticipations, system, priorities, designs, or intentions. You should not set undue reliance on any forward-hunting statements.  Forward-wanting statements need to not be examine as a ensure of foreseeable future performance or benefits and will not essentially be correct indications of the periods at, or by, which these efficiency or outcomes will be reached, if at all.  These ahead-on the lookout statements are subject to several challenges and uncertainties, which includes with no limitation difficulties because of to COVID-19 which could lead to delays in dates of completion or closings, and all those pitfalls and uncertainties set forth in the Company’s filings with the Securities and Exchange Commission.  Thus, precise final results could be materially diverse.  This doc involves statements of summarized economical projections.  There will be variations amongst the projected and real results because occasions and instances commonly do not manifest as expected and individuals distinctions may well be product.  The Organization expressly disclaims any obligation to update or change statements whether as a end result of new facts, potential events or in any other case, besides as expected by legislation.