RELM Holdings Gets Bank Approval to Complete Acquisition of Access Versalign in Share Exchange
08 Julho 2009 - 1:58PM
Marketwired
RELM Holdings Inc. (PINKSHEETS: RELM) announces the completion of
the acquisition of Access Versalign Inc. (AVI) in a share exchange.
AVI completed the acquisition of Versalign Inc. on February 20,
2009, and involved the restructuring of Versalign's current Bank
debt using Protective Capital Structures Corp's proprietary BCLOC
product as collateral. Once the collateral is liquidated, the BCLOC
will be fully funded and expected to pay off the AVI / Versalign
bank debt, reduce the AVI borrowing costs, and provide more
liquidity for AVI.
The controlling shareholders of RELM and AVI have exchanged
their shares, giving RELM the majority interest in AVI. In
compliance with the acquisition agreement, the balance of the AVI
minority shareholders are expected to receive their RELM shares
after August 20, 2009, but before the end of the third quarter
ending September 30, 2009. Each AVI shareholder will receive 14.02
shares of RELM for each share of AVI.
This acquisition by RELM marks the second of several
acquisitions that are expected to be completed in 2009. Other
acquisitions are planned as RELM continues to streamline its
operating structure to provide improved visibility into its
operational and financial performance.
About AVI
AVI was organized in 2008 and in 2009 acquired Versalign Inc.,
which was founded in 1985 and currently provides targeted
Information Technology solutions for corporate, professional and
governmental clients in the Mid-Atlantic region. AVI provides RELM
with new top management plus it increases the employee base to over
25 employees. This acquisition gives RELM access to cash flows and
expanded business opportunities in the information technology
industry. In 2008, on a pro-forma basis, AVI has over $9 million in
assets (primarily from a related company) as a consolidated company
and generated $2.5 million in gross revenue with $319,680 in
EBITDA. For more information about Versalign, please visit
www.versalign.com.
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 Company, 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 acquire
businesses and real estate, actual results may differ materially
from the expectations expressed in the forward-looking
statements.
Contact: RELM Holdings Inc. manager@relmholdingsinc.com
Relm (CE) (USOTC:RELM)
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