ORLANDO, March 1, 2007 (PRIME NEWSWIRE) -- Promotora Valle Hermoso (OTCBB:PVLH), one of the leading providers of housing solutions in Ecuador, today announced that on February 28, 2007 the Board of Directors of the Company passed a resolution to name Ramon Rosales as the new President and CEO of the Promotora Valle Hermoso Inc.
Mr. Rosales has an extensive business resume as the CFO of Halliburton Ecuador for over 15 years, overseeing such Halliburton Corporation subsidiaries as Halliburton Ecuador and the branches Welex, Otis and MI Overseas. After his career at Halliburton, Mr. Rosales opened his own oil consulting company, Progetrol, in 1995. Between 1997-2003 he also was 20% owner and CFO of Blader Inc., a service oil company specialized in hydro-pumps whose main client was Petroproduction Ecuador, the largest state-owned oil corporation, as well as multinational companies such as Occidental Petroleum, Perenco Corporation, City Petroleum Corporation and others.
Maria Fernanda Rosales, the current President and CEO, will remain with the organization as the Chief Financial Officer with Maria Gracia Rosales assuming the position of Chief Operations Officer, Secretary and Treasurer of the Company. Fanny Patricia Narvaez has resigned from the board of directors and will remain as the company Vice President U.S. Operations.
The Company CFO commented: "We are very excited to have someone of Mr. Rosales' experience join our growing Company. I am confident that Mr. Rosales will soon be recognized as one of the leading experts on quality and process improvement in our industry. As we continue to build upon a solid infrastructure and client base, Mr. Rosales will be instrumental in bringing additional value-added complements to the market that will benefit the Company and increase our shareholder value."
About Promotora Valle Hermoso:
Promotora Valle Hermoso invests financial resources in housing projects in Quito, Ecuador and its suburbs. Its goal is to build real estate which offers comfort and space to families preferring a lifestyle in a harmonious and peaceful environment. Housing inner-areas have natural lighting, resulting in energy savings, and are equipped with modern technology installations.
Promotora Valle Hermoso targets a housing deficit of 1,200,000 houses in a country that has a yearly growth of just 60,000 housing solutions. The efficient structure of Promotora Valle Hermoso allows building fast economy housing and targets providing the middle-class population with affordable living.
More detailed information on the housing projects can be found on the Promotora Valle Hermoso corporate website: http://www.promotoravh.com/indexe.html.
The Promotora Valle Hermoso, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2777.
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