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Firm Completes Reverse Stock Split, Reverse Merger

LAS VEGAS-A locally based firm traded over-the-counter on Pink Sheets completes a 10-1 reverse stock split and then a reverse merger with a Bahamas firm that holds irrevocable rights for a $250-million resort.

By Brian K. Miller | Updated on April 19, 2005

LAS VEGAS-Fortune Real Estate Development Corp., a locally based firm traded over-the-counter on Pink Sheets, this week concluded a 10-1 reverse stock split and then a reverse merger with Andros Isle Development Ltd, a Nassau, Bahamas-based real development corporation.The CEO of Fortune, Delroy Cowan, is now the CEO of Andros. Cowan did not return phone calls seeking comment, but in a prepared statement he says Andros holds the exclusive, irrevocable rights to develop a $250M luxury residential and resort community on a 247-acre tract of beachfront property that has a $49-million appraised value. The statement did not reveal the acquisition price for Andros or whether Andros owns the land. “Our intention was to seek out opportunities whereby we could do a transaction with a player that was focusing on large-scale real estate development projects,” says Cowan in a prepared statement. “This capital structure reorganization has allowed us to do that.” Prior to the reverse merger, Fortune touted itself as a specialist in converting hotels into “condotels,” where by rooms are sold to individual purchasers who then have the option to occupy the unit or generate income by its use as a traditional hotel room. At 2,300-square-miles, Andros is considered the largest and least-explored island in The Bahamas. Its waters are well known to scuba divers and fisherman; the island’s waters are home to bonefish and the second-largest reef in the Northern Hemisphere.Fortune’s name change to Andros is the fourth name change for the company. It has previously been known as KIMG Management Group, Keystone Investment Management Group, and Enerforce Energy Ltd.

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