RELM Holdings Inc. (PINKSHEETS: RELM) announced today the naming of
Marc Greenberg as the Executive Vice President and Chief Operating
Officer. Mr. Greenberg's joining Randall Burton, President, marks
the beginning of the management changes for RELM.
Marc Greenberg is an Information Technology Executive with over
25 years of diverse experience in real estate and managing
Information Technology services and developing business application
solutions. Mr. Greenberg is Chief Executive of Versalign, Inc., a
subsidiary of Access Versalign Inc., which is being acquired by
RELM. Versalign is one of Delaware's leading IT service providers
and Value Added Resellers. As Executive Vice President and Chief
Operating Officer of RELM, Mr. Greenberg will guide the
implementation of the Access Channel Software and the development
of Technology-based life-style products and services for Access
Channel's clients in addition to managing real estate acquisitions
for Relm Real Estate Holdings Inc.
Prior to co-founding Small Systems Management, Inc. (Wilmington,
Delaware) in 1985, Mr. Greenberg was a Personal Computer Specialist
with the IBM Corporation. SSM quickly grew from a two person
start-up to a full service 300+ person IT Value Added Reseller and
support company providing technical support services, network
support services, IT product sales, structured cabling and
application development services for clients that included First
USA Bank, J.P. Morgan, and the State of Delaware. In the early
1990s, the company had outgrown the Small Systems Management name
and became AmeriStar Technologies, Inc., with peak annual revenues
of approximately $90 million and operations in over ten states. SSM
/ AmeriStar achieved the rare distinction of earning a spot on the
Inc. 500 magazine listing of the nation's fastest growing companies
for six consecutive years.
After 2000, AmeriStar became Versalign, Inc. as the company
refined its primary focus on the versatile delivery of Information
Technology services aligned with the client's goals. Versalign
provides targeted solutions for corporate, professional and
governmental clients in the Mid-Atlantic region. Versalign provides
Network Support and Integration, IT Security and Remediation,
Professional Placement, Desktop Support and IT Logistics Services.
Versalign maintains expertise in Microsoft, Novell, Citrix,
SonicWall, Packeteer, Fortinet, Cisco, Checkpoint, Hewlett-Packard,
IBM, Unitrends, Symantec and Dell Products. Although recent years
have been strenuous for technology related businesses, Mr.
Greenberg was able to produce a profit of $44,271 in 2008*. For
more information about Versalign, please visit
www.versalign.com.
Mr. Burton, President, and Mr. Greenberg, EVP/COO will work
closely with a new Board of Directors to create an Advisory Board
of talented professionals and recruit additional members to the
management team.
*Access Versalign Inc.("AVI")
CONSOLIDATED PRO-FORMA STATEMENT OF OPERATIONS
For the twelve months ended December 31, 2008*
AVI Versalign Pro-forma
------------ ------------ ------------
Unaudited Unaudited Consol
12/31/2008 12/31/2008 12/31/2008
REVENUES
Services - $ 1,977,519 $ 1,977,519
Product - $ 155,681 $ 155,681
Software License Fee $ 390,000 - $ 390,000
------------ ------------ ------------
TOTAL REVENUES $ 390,000 ** $ 2,133,200 $ 2,523,200
COST OF REVENUES $ 400,000 $ 167,426 $ 567,426
------------ ------------ ------------
GROSS MARGIN $ (10,000) $ 1,965,775 $ 1,955,775
EXPENSES
Salaries - $ 1,199,466 $ 1,199,466
General and Administrative $ - $ 436,628 $ 436,628
------------ ------------ ------------
TOTAL EXPENSES $ - $ 1,636,094 $ 1,636,094
OPERATING INCOME (LOSS) $ (10,000) $ 329,680 $ 319,680
------------ ------------ ------------
OTHER REVENUE OR (EXPENSE)
Interest Exp Related Party $ (1,903) $ (21,375) $ (23,277)
Management Fee $ (49,315) - $ (49,315)
Interest Exp Bank and other Debt - $ (264,034) $ (264,034)
------------ ------------ ------------
TOTAL OTHER REVENUE OR (EXPENSE) $ (51,217) $ (285,409) $ (336,626)
------------ ------------ ------------
------------ ------------ ------------
PRETAX INCOME (LOSS) $ (61,217) $ 44,271 $ (16,946)
------------ ------------ ------------
**Note: The $390,000 in AVI revenue will need to be eliminated
in consolidation post-merger with RELM.
About RELM
RELM was incorporated to acquire operating businesses and is now
a holding company with a primary focus on financial and information
technology services along with real estate. The Company bases its
business model on the acquisition of synergistic businesses with
the capability to support and compliment its financial and
technology products. RELM intends to lead a vertically integrated
family of companies that will provide full solutions for its
affiliates and clients, such as underwriting, servicing, raising
capital, and commercialization, while securitizing and guaranteeing
its products in the marketplace. Since 1994 the Company has
conceived, designed, and developed innovative, new products that
"absorb asset risk." For more information about the RELM, please
visit www.relmholdingsinc.com
Safe Harbor
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for forward-looking information made on the company's
behalf. All statements, other than statements of historical facts
which address the company's expectations of sources of capital or
which express the company's expectation for the future with respect
to financial performance or operating strategies, can be identified
as forward-looking statements. Such statements made by the company
are based on knowledge of the environment in which it operates, but
because of the factors previously listed, as well as other factors
beyond the control of the company, which include the ability of the
company to implement its newly expanded business model or acquiring
businesses and real estate, actual results may differ materially
from the expectations expressed in the forward-looking
statements.
Contact: RELM Holdings Inc. info@relmholdingsinc.com
Relm (CE) (USOTC:RELM)
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