/ CORRECTION - RELM Holdings Inc. Posts Financials for Fourth Quarter Ended December 2008
May 15 2009 - 8:55AM
Marketwired
In the news release, " RELM Holdings Inc. Posts Financials for
Fourth Quarter Ended December 2008," issued yesterday by RELM
Holdings Inc. (PINKSHEETS: RELM), we are advised by the company
that the last sentence of the third paragraph should read "There
was $36,051,690 in cash equivalents in the form of marketable
securities and other current assets on hand from a related company
at the end of December 31, 2008." rather than "There was
$36,051,690 in cash equivalents and other current assets on hand at
the end of December 31, 2008." as originally issued. Complete
corrected text follows.
RELM Holdings Inc. Posts Financials for Fourth Quarter Ended
December 2008
WILMINGTON, DE -- May 14, 2009 -- RELM HOLDINGS INC.
(PINKSHEETS: RELM), posted its financial results for the fourth
quarter ended December 31, 2008 on the website:
www.relmholdingsinc.com.
RELM incurred a net loss of $6,023, for the quarter ended
December 31, 2008, compared to a net loss of $2,637 for the quarter
ended December 2007. The basic and diluted loss per share was
$.000011 for the quarter ended December 31, 2008. The basic and
diluted loss per share was $.000027 for the quarter ended December
31, 2007.
RELM's real estate acquisition subsidiary (Relm Real Estate
Holdings Inc.) incurred a net loss of $1,468,460, for the quarter
ended December 31, 2008. There was $36,051,690 in cash equivalents
in the form of marketable securities and other current assets on
hand from a related company at the end of December 31, 2008.
President Randall G. Burton stated, "Our fourth quarter results
are reflective of the economic climate and industry slowdown in
real estate funding, similar to other companies in real estate
acquisitions. However, we continue to focus on several specific
real estate acquisitions, and we continue to target other
compatible businesses not only to increase, but to diversify our
revenue and expand our business model." RELM expects to complete a
business acquisition by the end of the second quarter.
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 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
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