Gig Harbor, Washington, June 21, 2021 (GLOBE NEWSWIRE) — Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it will be added to the Russell Microcap® Index effective at the close of trading on June 25, 2021, based on a preliminary list of additions initially made public on June 4, 2021.
“Inclusion in the Russell Microcap® Index is an important achievement and serves as a testament to the significant progress we’ve made as a company. We believe that membership in the Russel Microcap® Index will provide our shares with greater visibility and recognition within the financial community. We look forward to introducing a wider institutional audience to our platform and growth story. We anticipate continued execution on our expansion strategy in the second half of the year leading to long-term value creation,” commented Sterling Griffin, President and CEO of Harbor Custom Development, Inc.
Indexes benchmarked by the FTSE Russell, a global leader in indexes, data, and analytics, are widely used by investment managers and institutional investors for funds and as benchmarks for active investing strategies. Approximately $10.6 trillion in assets are benchmarked against the Russell U.S. Indexes.
Membership in the well-known Russell Indexes® brings with it numerous benefits including the automatic insertion into the appropriate growth and value style indexes. This inclusion remains in place for one year. FTSE Russell traditionally determines the membership for its Russell Indexes® by objective, market-capitalization rankings, and style attributes.
About Harbor Custom Development, Inc.
Harbor Custom Development, Inc. is a real estate development company involved in all aspects of the land development cycle including land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects in Western Washington’s Puget Sound region; Sacramento, California; and Austin, Texas. Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. In addition, Harbor has acquired land and will begin constructing homes in two new markets beginning the second quarter of 2021. In the Sacramento metro market, Harbor will be constructing homes in completed subdivisions in both Rocklin and Auburn, California. In the Austin metro market, Harbor has acquired developed lot inventory in Dripping Springs, Driftwood, and Horseshoe Bay Texas. Harbor Custom Development’s business strategy is to acquire and develop land strategically, based on an understanding of population growth patterns, entitlement restrictions, infrastructure development, and geo-economic forces. Harbor focuses on real estate within target markets with convenient access to metropolitan areas that are generally characterized by diverse economic and employment bases and increasing populations. For more information on Harbor Custom Development, Inc., please visit www.harborcustomdev.com.
Forward Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the completion of the offering and the amount of proceeds. While Harbor Custom Development, Inc. (the “Company”) believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
CONTACT: Investor Relations: Hanover International IR@harborcustomdev.com 866-744-0974