September 17, 2008 08:30 ET

FIMA Reports Construction Is Ahead of Schedule in Veracruz Project

HUNTINGTON BEACH, CA--(Marketwire - September 17, 2008) - FIMA, Inc. (PINKSHEETS: FIMA), an emerging diversified land development company, announced today that its subsidiary, Garcia y Garcia Concreto y Diseño Arquitectónico, is ahead of schedule in the construction of two residential units in the Las Palmas neighborhood of Veracruz, Mexico. Construction on the project began last month, and is progressing at a rapid pace. FIMA Director Paul Salay, who was also in Mexico to present a paper at the Universidad Nacional Autónoma de México in Mexico City, recently visited the project and reported on the status of the project to the FIMA Board of Directors. Pictures of the project can be seen on the FIMA website at:

According to Israél Garcia, a principal of Garcia y Garcia and the project manager of FIMA's Las Palmas project, "We have been able to move forward very quickly with our construction work to this point, and even more importantly do not anticipate any delays. We have obtained final approval on all applicable permits, and are beginning preparations to start construction on the second floor. At our current pace, we are extremely confident that we will complete construction of the units in approximately two months, and reach a stage where we can initiate our pre-sale program of the units well before that. In fact, our experience here has been so positive that we are examining the possibility of further development in this neighborhood, and look forward to continuing to develop our relationships in this area."

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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