RELM Holdings to Receive 91.5% Interest in Access Versalign in a Share Exchange
May 05 2009 - 12:29PM
Marketwired
RELM Holdings Inc. (PINKSHEETS: RELM) -- RELM and Access Versalign
Inc. have agreed to a share exchange whereby RELM will own 91.5%
interest in Access Versalign Inc. (AVI).
This acquisition will give 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 as a consolidated company and generated $2.5 million in
revenue with $319,680 in EBITDA. 100% of AVI is expected to be
valued at $3,196,800.
AVI was organized in 2008 to acquire 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. The proprietary BCLOC model was
used to structure the acquisition of Versalign.
This acquisition increases RELM's employee base to over 25
employees and it expects to bring continued growth because in the
beginning of the second quarter of 2009, Access Versalign has
secured more than $300,000 in incremental business and expects to
maintain a positive profit margin throughout 2009.
Randall Burton, RELM's President, says, "The Access Versalign
share exchange brings more value to the RELM shareholders and
creates greater opportunities for RELM and its clients through the
implementation of technology. I am extremely excited about
integrating the talented Access Versalign engineers and management
team into RELM."
Marc Greenberg, Versalign's CEO, adds, "The consolidation under
RELM will yield greater opportunities for Versalign's core IT
service business and provide structured IT support for RELM as the
company grows. I am very excited to further develop, implement and
support RELM's innovative financial services products as they are
reintroduced to the market."
RELM and AVI expect to complete the share exchange by the end of
the second quarter 2009.
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 business plans and complete certain
acquisitions, actual results may differ materially from the
expectations expressed in the forward-looking statements.
Contact: RELM Holdings Inc. info@relmholdingsinc.com
302-225-8163
Relm (CE) (USOTC:RELM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Relm (CE) (USOTC:RELM)
Historical Stock Chart
From Jul 2023 to Jul 2024