4/22/2008 - Deer Valley Corporation Receives $3,855,000 Contract Increase From State of Mississippi
TAMPA, FL--(MacReport.Net - April 15, 2008) - Deer Valley Corporation ("Deer Valley" or the "Company") (OTCBB: DVLY), announced today that the State of Mississippi has granted the Company a contract extension providing for the production and delivery of 75 additional three bedroom cottages for the State of Mississippi. The cottages are being purchased by the State as part of a $280 million federal pilot program designed to test and evaluate future disaster relief housing. The contract extension is expected to contribute an additional $3,855,000 to the Company's revenue during the second and third quarters of 2008. Delivery of this new group of cottages will bring Deer Valley's aggregate revenues from the pilot phase contracts to approximately $23.4 million. Prior to the receipt of this most recent contract extension, the Company had produced 400 two bedroom and three bedroom cottages for the State of Mississippi.
"We appreciate the opportunity to further serve the State of Mississippi on this program," said Joel Logan, President of the Company's operating subsidiary, Deer Valley Homebuilders, Inc. "The receipt of this contract extension enhances our backlog and again confirms our decision in early 2007 to expand our product line and distribution channels to include modular style housing units."
About Deer Valley
Deer Valley is a growth-oriented manufactured home builder with headquarters in Tampa, Florida and operations in Guin and Sulligent, Alabama. The Company is dedicated to offering high quality homes that are delivered with a sense of warmth, friendliness, and personal pride. The Company's management team has over 250 years of combined industry experience.
Forward-Looking-Statement: Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties, including the effect of changing economic conditions, competition within the manufactured home industry, customer acceptance of products, fulfillment of contracts with key customers, and other risks and uncertainties. Such forward-looking statements are not guarantees of performance, and Deer Valley's results could differ materially from those contained in such statements. You can generally identify forward-looking statements through words and phrases such as "forecast," "seek," "anticipate," "believe," "estimate," "expect," "intend," "plan," "budget," "project," "may be," "may continue," "may likely result," and similar expressions. Such forward-looking statements speak only as of the date of this release, and Deer Valley undertake no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.
The corporate offices of Deer Valley are located at 4218 West Linebaugh Avenue, Tampa, FL 33624.
Additional information can be found at: http://www.deervalleycorp.com.
Deer Valley Corporation
Charles G. Masters
State of Mississippi Web Site: www.mscottage.org
SOURCE: Deer Valley Corp.