August 01, 2008 08:32 ET

FIMA Acquires Two Parcels in Veracruz With Plans to Develop Luxury Home Sites

HUNTINGTON BEACH, CA--(Marketwire - August 1, 2008) - FIMA, Inc. (PINKSHEETS: FIMA) announced today that through its subsidiary, Garcia & Garcia Construction and Design, the Company has agreed to terms for the acquisition of two parcels in the highly sought-after section of Las Palmas in Veracruz, Mexico. Garcia & Garcia have already begun the process of creating plans and architectural renderings for the project, and construction should be able to begin shortly. Zoning and density are not an issue, and the infrastructure including electrical, water, and sewer are in place, substantially reducing the anticipated costs of construction.

According to a FIMA company spokesperson, "The Las Palmas section of Veracruz is an extremely desirable location, and we are very pleased to have this opportunity. Veracruz is the number one port in all of Mexico, and one of the country's fastest growing metropolitan areas. Based partly on the desirability of the location, along with the growing reputation of Garcia & Garcia in the region as a result of their growing portfolio of projects, we expect to be able to pre-sell the units within an extremely short time. As a result, our capital expenditure will be minimal. Also, lending policies in Mexico and Latin American have traditionally been much more restrictive, so unlike the real estate market in the U.S., that in Mexico has been largely unaffected by the subprime fallout. Consequently, we are able to participate in a robust and growing sector that we feel continues to present excellent expansion opportunities. We believe that this latest project will add to our growing portfolio."

About FIMA, Inc.:

FIMA is engaged in a diverse range of land development and utilization activities, such as the acquisition of raw land and the design and construction of commercial and luxury real estate in the resort regions of Mexico, resource exploration and development in Central and South America, and the acquisition and development of mining properties and mining rights in Central and South America. FIMA operates several subsidiaries, including a prestigious architectural design and construction firm based in Puebla, Mexico, as well as an integrated resource exploration and mining company with holdings in the prolific gold- and silver-producing regions of Colombia. For more information, visit the Company website at:

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Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend' and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.

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