SELLERSVILLE, Pa., May 2, 2005 (PRIMEZONE) -- Delta Mutual, Inc. (OTCBB:DLTMB), specializing in energy recovery and construction services through environmentally friendly technologies and products, today announced that both its low-income housing projects will be exempted from Puerto Rico corporate income tax through the year 2008.
Delta Development Partners LP (Delta's majority-owned joint venture) is planning to build two recently announced Section 124 Low Income Housing Projects in Puerto Rico, the first in Aguadilla and the second in Guayanilla. When construction is completed, the two projects will contain approximately 575 homes. Management believes the start of the construction will be in the third quarter of this year, subject to receiving approval from several government agencies.
Peter F. Russo, President and CEO, stated, "With this exemption, the two projects, projected at approximately $45.5 million, will now be exempt from corporate income tax through the year 2008. This notification is indicative of the continued support from the government of Puerto Rico to assist in the construction of low-income housing."
About Delta Mutual
Delta Mutual, Inc. specializes in energy recovery and construction services through environmentally-friendly technologies and products currently operating through joint ventures in the Middle East, Far East and Puerto Rico. Delta employs technologies that efficiently recover energy sources from soil, water and other waste streams while simultaneously improving existing environmental conditions. The Company also employs an energy efficient building material system for construction projects that are initially taking place in Puerto Rico. www.deltamutual.com
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Forward-Looking Statement
This press release contains forward-looking statements that involve risks and uncertainties where actual results could differ materially from those discussed in this Press Release. Forward-looking statements include "Management believes the start of the construction will be in the third quarter of this year," and "...the two projects will contain approximately 575 homes", and "...projected at approximately $45.5 Million..." involve risks and uncertainties. These risks and uncertainties include: an appropriate level of capital, delays in finalizing contracts, typical issues of the construction industry, and additional risks as outlined in our SEC filings.