(This "Intro Box" is NOT maintained by Alas International Holdings and is intended solely as a quick information source on ihub. For more detailed, up-to-date information on Alas International Holdings, please go the company website.)
Company Summary
ALAS International Holdings, Inc. (ALAS), a publicly traded
(PINKSHEETS: VDSC) corporation headquartered in Fort Lauderdale, Florida. ALAS is an international project financing and holding Investment Corporation, which owns and operates through its two wholly owned subsidiaries, Redtide Defense Group, Inc., which is a manufacturer of UAVs (Unmanned Aerial Vehicles) and Saenz Corporation which operates yacht charters and fun yacht day excursions.
ALAS acquired Saenz Corporation a yacht charter company that owns 3 luxury yachts which will be relocated from the Mediterranean to the Bahamas. SAENZ Corporation has been in the yacht charter and yacht building industry for 25 years debt free and at a profit and will continue to operate under the direction of Peter Villiotis the President of Saenz, who has been in the charter and cruise industry for over 35 years.
ALAS aka PV Enterprises International is also involved in the development of passenger vessel, ferry and cruise opportunities worldwide. The company is currently looking at several opportunities in Latin American.
ALAS International Holdings, Inc. Competitive Edge
ALAS's management team has expertise in the areas of technology, marketing, sales, finance, business administration, multinational and domestic manufacturing, and engineering. The team has extensive knowledge of defense related issues that is a direct result of members of the team who served as officers in the U.S. military. The team's combination of experience gives them a unique perspective that sets them apart from their competitors.
Located at The Portside Yachting Center 
The Portside Yachting Center is a three story class A building with excellent access and visibility all around. Great 17th Street Causeway frontage with easy in/out access, easy exterior parking for tenants and guests, visibility and signage opportunities. Adjacent to Port Everglades and the Greater Fort Lauderdale Convention Center and next to the main Port entrance.
Owned Subsidiaries SAENZ Corporation 
Saenz Corporation ("Saenz") is a wholly owned subsidiary of ALAS International Holdings, Inc. that will be based in Fort Lauderdale, Florida. Saenz Corporation is an innovative successful yacht building, chartering and shipping company focused on specialty daily chartering of yachts that for the last 25 years has successfully operated in the Mediterranean at a profit. The yachts that will be relocated are debt free. The inspiration for the company was the realization that there is a need for a company that can provide a superior level of yacht service designed to exceed the expectations of its clients.
Saenz Corporation is a company that will strive to excel in the business of establishing an innovative, first class day charter fun club for cruise vessel passengers at Bahamas Islands (Grand Turks, Half Moon Cay, Coco Cay, Great Stirrup Cay) with a high-quality, open-end yacht / service combination which shall continuously be managed and shaped by the customer, the marketer and the operator of the luxury day charter fun club. What makes Saenz Corporation different and special is that Saenz Corporation will continue to offer a courteous, professional and knowledgeable staff of well trained personnel dedicated to providing exceptional customer service.
Plan of Operations
Due to the current economic downturn in the yacht chartering business in the Mediterranean area daily charter payment has dramatically dropped to unacceptable levels. It is for this reason that Saenz Corporation has decided to change course. Saenz will establish a daily luxury fun club that specializes in taking passengers from Cruise Ships by charging as low as $60 per person at ports that normally do not have many shore side developments and activities. Saenz is confident this plan will give the company the ability to generate daily revenue and profits that will provide a continuing solid foundation for the company's long range plan of the new constructions and company's expansion.
Over 35 cruise vessels are sailing and anchor every day to Bahamas / Turks & Caicos Islands with total capacity of approximately 87,000 passengers. Saenz believe their product will give the cruise passengers a unique segment utilizing luxury yachts for day cruise excursions and to participate in activities that cannot be experienced with the existing shore excursions at the same islands. Additional business will be generated from local sources when cruise ships are not in port.
Initial Location / Operation: Bahamas Islands
Grand Turks / Half Moon Cay / Coco Cay / Great Stirrup Cay
Entry into this market is premised with partnering arrangement with Carnival and other major cruise lines that already have successful established operations in the above areas. All year round operation will include 20 days per month totaling 240 days per year.
CEO Vision Statement on Company Moving Forward (December 2012)
Peter Villiotis, President & CEO, "I have enjoyed a long and successful career in the technical management and operation of some of the most successful and profitable cruise ships on the seas currently. I relied on others without the long term vision in the acquisition of a cruise ship during the recent past. I have remedied that situation with shipping, finance and operational professionals with an alignment of interest and vision."
The Company can now move forward with its excellent business plan, an aggressive marketing plan and the new business partners to execute it. We are able to find financiers who see the wisdom of the plan. We will be engagingregional and local tour operators that will handle the sales and marketing of leisure packages and cargo charters allowing the management to concentrate on delivering the highest quality of service and best value to the Latin American marketplace.
Share Structure as of 02 April 2013
Common Stock: $.001 Par Value, 494,000,000 Shares Authorized: 314,510,970
Restricted: 153,777,312
Unrestricted: 160,813,658
Recent Publication News
May 8, 2013 : Shareholder Update
http://www.otcmarkets.com/stock/VDSC/news/Shareholders-Update?id=62534&b=y
May 6, 2013 : Current Update to OTC
http://www.otcmarkets.com/stock/VDSC/news/Current-Update-to-OTC?id=62391&b=y
May 2, 2013 : Shareholder Update - Alliance with Captiva Communications
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=251869063
April 25, 2013 : PV Enterprises International: Share Holder's Update (Merger News)
http://www.otcmarkets.com/stock/VDSC/news/PV-Enterprises-International--Share-Holder-s-Update?id=61880&b=y
April 18, 2013 : The Stock Radio Interview
http://thestockradio.com/pres-ceo-peter-villiotis-of-pv-enterprises-international-inc-vdsc-pk/2183
April 12, 2013 : Shareholder Update
http://www.otcmarkets.com/stock/VDSC/news/Update-to-Shareholders?id=61407&b=y
April 2, 2013 : Quarterly Report
?http://www.otcmarkets.com/financialReportViewer?symbol=VDSC&id=101959
April 1, 2013 : PV Enterprises International, Inc. Enters into Charter and Logistics Contract with Fortune 100 Company
http://www.otcmarkets.com/stock/VDSC/news/PV-Enterprises-International--Inc--Enters-Into-Charter-and-Logistics-Contract-with-Fortune-100-Company-?id=60716&b=y March 28, 2013: CEO Message to Shareholders http://www.otcmarkets.com/stock/VDSC/news/Message-From-CEO-to-Shareholders?id=60665&b=y March 27, 2013: New Hire Mr. Edward Steinback (Chief Financial Officer) http://www.otcmarkets.com/stock/VDSC/news/Mr--Edward-Steinback-CFO?id=60589&b=y March 26, 2013: Contract with Trafalgar Energy Limited (TEL) http://www.otcmarkets.com/stock/VDSC/news/PV-Enterprises-International-Inc--Announces-Shareholder-Update?id=60539&b=y
Current Company Officers & Directors | Peter Villiotis | |
| Edward Steinback | |
| Mark Corrao | |
Former Company Directors
| Edwin Salmon | Chairman of the Board , Dir.,Inv. Rel.,CEO
(resigned Dec 12, 2011, as agreed in June 2012 Agreement & Resolution) | |
| |
| Alvin Ayers (resignation tendered Dec 12, 2011,
CFO / Sec until 6/30/12 as per S-1, as agreed in June 2012 Agreement & Resolution) |
| Investor / attorney
Larry Sazant (resigned 1st qrt 2012) |
Company Contact Information
Office Location Address
Portside Yachting Center
1850 SE 17th Street Causeway
Suite #305
Ft. Lauderdale, FL 33316
Email
peterv2010@live.com
Company Website
http://www.pventerprisesinc.com/investors.html
Phone Number
954-999-8790
954 478 6622
866-610-1825 (fax)
Investor Relations
954-306-6242
954-603-3339 (Alternative)
Transfer Agent
Olde Monmouth Stock Transfer Company, Inc.
200 Memorial Parkway
Atlantic Highlands, NJ 07716
Current Contracts/Joint Ventures/Merger/Alliance Updates
Trafalgar Energy Limited (TEL) Joint Venture -
On March 20, 2013, PVE signed a contract with TEL to supply and operator a hotel accommodation and field work vessel for TEL oil rigs in Nigeria. The joint venture is for a term of 5 years. TEL has agreed to completely fund an outright purchase of the subject vessel from PVE and PVE has agreed to take a portion of the purchase price to purchase equity position in TEL.
Update - The TEL joint venture, previously announced on March 26, 2013, is on track and progressing faster than anticipated.
Fortune 100 Company -
On April 1, 2013, PVE signed a contract with a Fortune 100 company to provide shipboard accommodations for an initial 30 day term, in Europe, which will provide substantial revenues to the Company. Commencing in the fall of 2013, the Company will provide complete logistics services for the operation, together with on-board food & beverage services for over 1,000 company personnel.
Update - The Fortune 100 Company contract, previously announced on April 1, 2013, is being implemented as planned.
Hydraiki Naval Company
On April 25, 2013, Hydraiki Naval Company (aka. www.onedaycruise.gr) has chosen PVE as a company to merge with to expand and facilitate its long planned growth and expansion into the 3,5, and 7 days cruise venue. They believe that shares of VDSC are so undervalued that in lieu of 12.5 million dollars as initial payment we are taking 25 million shares of stock of VDSC and valuing them at .50 cents a share. After 6 months final payment terms shall be worked out depending on how fast and profitable the combined companies grow. One day cruise has been profitable for the last 15 years and the year 2012 saw profits of approx. 5.2 million dollars. Closing will take place in 10 days.
Update - Post #25038 statement from CEO in email - "Closing is within the next 10-15 days and will do new PR, also full purchase will be between 6-12 months.
Company Website - www.onedaycruise.gr
Captiva Communications
On May 2, 2013, PVE announces that due to the rapid finalization of a number of acquisitions and mergers that are closed and rapidly coming to a close they have signed an agreement with the outstanding firm of WWW.CAPTIVACOMMUNICATIONS.COM and to assist in the electronic marketing and to help guide and speed the growth of our mergers and acquisitions throughout the Greek and Caribbean islands and the Mediterranean, and south and central American and north American markets and will also help with our ship lodging facilities. This alliance with CAPTIVA COMMUNICATIONS will be of enormous help in making our maritime expertise better known throughout the areas we have already entered and help us in our coming presence in all parts of the globe.
Company Website - http://captivacommunications.com/services/
Additional Deals in Works -
Based on April 1, 2013 PR, CEO states, "PVE is in active negotiations with another Fortune 100 company to provide similar services, on a year-round basis, further enhancing earnings for this fiscal year."
Based on April 12, 2013 Shareholder Update, CEO states, "We are currently in negotiations with three new ventures that are set to go to contract. Company names and launch dates for those contracts will be disclosed in an upcoming press release."
Red Tides - Dividends
SEC S-1 Registration Statement for Red Tide Spin-off and Stock Dividend, filed January 24, 2013
Link to documentation: http://www.sec.gov/Archives/edgar/data/1567488/000107997413000032/imags1_1172013.htm
Link about Red Tides Defense: http://m.youtube.com/#/watch?v=A0Ik7smCPsg&desktop_uri=%2Fwatch%3Fv%3DA0Ik7smCPsg
Link about Drones on CNBC: http://video.cnbc.com/gallery/?video=3000166053
Posting #15279 dated Feb 7, 2013
"Ed Salmon CEO of IMAG=THE U.S. SECURITIES AND EXCHANGE COMMISSION'S DEFINITION [SPIN OUT] IS MORE PRECISE. SPIN OUT OCCURS WHEN EQUITY OWNERS [SHAREHOLDERS] OF THE PARENT COMPANY RECEIVES AN EQUITY STAKE IN THE NEWLY SPUN OUT COMPANY. NEITHER THE BOARD OR THE SHAREHOLDERS OF THE PARENT HAVE ANY CONTROL OVER THE AMOUNT OR HOW THE SHARES WILL BE DISTRIBUTED. THAT IS THE SOLE DECISION OF THE MANAGEMENT OF THE NEW COMPANY.THE BENEFIT TO THE SHAREHOLDERS OF ALAS is PETER HAS MADE IT POSSIBLE FOR EACH SHAREHOLDER THAT HOLDS MORE THAN 125 SHARES ON THE RECORD DATE WILL RECEIVE FREE AND CLEAR AS A GIFT SHARES IN THE NEW COMPANY. THE SPIN OUT WILL ABSOLUTELY IN NO WAY AN ANY IMPACT ON PETER'S PLANS FOR ALAS. ONCE WE COMPLETED OUR QUITE TIME WITH THE SEC. WE WILL PROVIDE MORE INFORMATION TO THE PUBLIC ABOUT THE NEW COMPANY. THANK YOU ED SALMON CEO IMAG."
Update on Dividends - Posting #24370 dated April 26, 2013
Ed Salmon CEO states, "The spinoff, for every 164 shares you have, they will give you one share of the new company. You get to keep your shares from VDSC and you get MORE from the spin-off company. Its name is Image Group Inc. They plan on going current and have filed certain documents and need to file a couple more for the spin-off. They plan on having this done in about 30 days. So 1 million gets you a little over 6 thousand shares. In the S-1 reg form, or a form 10, they vauled it at 1$!!!!!! So if i have 5 million shares of vdsc, i get 30 thousand+ shares of Image Group....30k shares times a minimum 1$ = 30k dollars :)!!!! They wanted to go to Nasdaq but best thought OTCBB would be better for now. Its a 164-1 spin for Image Group. Still keeping your vdsc shares. Edward told me that he honestly believes with what he has seen, the shares of vdsc are worth the estimated 50 cents long term based on what he has seen Peter do these past few months."
Past History
ALAS-PV Enterprises, Inc. Announces Purchase of Cruise Vessel
Posted January 2012
PV Enterprises (Pink Sheets:VDSC) is pleased to announce the company has placed a down payment to acquire a 27000 tonnage 600 feet long Oceanliner Cruise Vessel. This magnificent Cruise ship has luxury accommodations, large public spaces with 650 seats dining room, Bistro, Disco, 5000 Sq Feet Casino, Main Show Lounge, and seven bars to accommodate 1200 passengers and 600 crew members. This vessel will be used to fulfill the obligations of a signed charter agreement with Yeosu Expo 2012 in Korea for four months. (http://www.worldexpo2012.com/). http://www.koreaherald.com/business/Detail.jsp?newsMLId=20110511000928 http://eng.expo2012.kr/is/ps/unitybbs/bbs/selectBbsDetail.html
PV Enterprises defaulted on this charter. Never delivered a vessel to the Korean Expo. No reveneues were ever recognized or earned on this charter. Defaulted on lease of a replacement vessel that was to be placed at the Korean Expo, the m/v Ocean Star Pacific, at a loss of millions of US Dollars to the company. PV Enterprises has not returned initial deposit of $2.2 million back to Korean Expo.Korean Charter required Mr. Villiotis, PV Enterprises (PV), to deliver vessel to Korea at PV's own expense. Koreans, in good faith, advanced $2.2 million to PV. PV had a Loss of Charter Insurance policy guaranteeing the charter rate if PV delivered a vessel to Korea. Vessel(s) Mr. Villiotis personally selected were not sea worthy and certified for repositioning to Korea. PV was unable to get the vessel(s) certified for the transit to fullfil the contractual obligations.
PV Enterprises has completed the reverse merger into ALAS
Posted December 2011 PV Enterprises has completed the reverse merger into ALAS and is moving forward to build a dynamic global shipping company. Peter Villiotis Chairman stated, "This is a first step and a major step in creating a global shipping company that has been promised to our investors.Peter Villiotis was 100 % owner of PV Enterprises prior to the reverse merger as well as CEO of SAENZ Corp., which was acquired by ALAS International Holdings in May of 2011. Peter Villiotis is now the majority shareholder On or about December 12, 2011, the Company acquired PV Enterprises, Inc. through a reverse merger. The Company issued 34,500,000 shares of ALAS common stock to Peter Villiotis in exchange for 100% of the shares of PVE.
Other Disclosures
(The "Intro Box" is NOT maintained by Alas International Holdings and is intended solely as a quick information source on ihub. For more detailed, up-to-date information on Alas International Holdings, please go the company website.)
The following postings are made by moderator Seaam. Seaam is the longest serving moderator on this Ihub site and has over thirty years financial and cruise industry experience. For a brief period in early 2012, he served as a consultant to the company on an independent contractor status. He assisted in the arrangement of several loans to the company that subsequently the company defaulted on and currently company has been served legal notices for these defaults. Seaam is also a creditor of the company and the company has defaulted on its obligations to Seaam. Seaam has no confidentiality agreement with company and is thus able to discuss this public company without restriction. The following disclosures are from pubic record sources.
NO RECENT ANNUAL SHAREHOLDERS MEETING
Posted January 2013
There has been no Annual Shareholders Meeting, or notice thereof, held for the past several years as required by the Bylaws and the Articles of Incorporation.
See Corporate Bylaws link: http://www.otcmarkets.com/financialReportViewer?symbol=VDSC&id=29320
See Articles of Incorporation link: http://www.otcmarkets.com/financialReportViewer?symbol=VDSC&id=29323
STATE REGISTRATION(S) DEFAULTED
Posted November 30, 2012 & Updated Feb. 8, 2013
PARENT
ALAS aka PV Enterprises International, Inc. - defaulted non current state registration exists for the parent company, Business License expired 9/30/2012.
Nevada State Registration:
See link: http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=uyx9DfdRU25WJll%252fgaY8sQ%253d%253d&nt7=0
SUBSIDARIES
SAENZ CORPORATION - "not a statement of good standing" exists for the subsidiary:
Delaware State Registration:
See link: https://delecorp.delaware.gov/tin/controller
PV ENTERPRISES, INC. - 2013 Annual Statement not filed, Last Annual Statement (the 2012 Annual Statemen)t filed 1/3/2012 Active Status (company will be in default May 31)
Florida State Registration:
See link: http://search.sunbiz.org/Inquire/Corporation/GeneratePDF?tiffID=domp-p99000069552-7d09ba91-ed94-4f1d-9884-7f3f70a78f75_3ad3f115-a932-490c-9693-dc9cf1464404&dID=P99000069552
Current Registered Agent Name & Address
VILLIOTIS, PETER
1745 E HALLANDALE BEACH BLVD
# 2406W
HALLANDALE BEACH FL 33009 USA
(this is also the personal residence of Peter Villiotis)
VACATED OFFICES
Posted December 19,2012
Company vacated offices and disconnected telephone(s) week of November 20, 2012 without notice at Lauderdale Marine Center. Contact via US Postal Service on Dec 19 shows "attempted delivery - not known, unable to forward". No forwarding address on record with US Postal Service. Lauderdale Marine obtained a Judgment of Default against PV Enterprises and this judgment is on file with Florida Secretary of State.
Old Address:
Lauderdale Marine Center
2015 SW 20th Street
Suite 220
Fort Lauderdale, FL 33315
Telephone Number(s) for CEO Peter Villiotis, as posted on the Board or used in the past by him:
954-999-8790
954 478 6622
727-736-4724
551-959-0000
305-903-1777
866-610-1825 (fax)
E-mails used:
peterv2010@live.com (appears to be active)
peterventerprises@gmail.com
peter.villiotis@panamships.com
peter@nettalk.com
Investor Relations
954-306-6242
954-603-3339 alternate number used on several PR's
Posted May 5, 2013
Company has not disclosed several Significant Lawsuits The company is involved in several lawsuits for defaults in amounts borrowed by the compan and/or its subsidiares. The following is not a complete list, but is indicative of several types of these lawsuits.
a) Former
ALAS Director and Investor, Larry Salzant, has filed a lawsuit for approximately $1 million USD. CEO Peter Villiotis has missed several discovery hearings. Larry loaned monies to ALAS on a secured A/R factoring basis and the monies were not returned as agreed and the securities were not protected by the company. Lawsuit is nearing judgment phase.
b) A Texas investor loaned some short term monies to ALAS on a thirty day basis, approximatley $200,000, CEO personally guaranteed the majority of the borrowings via a promissory note. Service notice has been delivered to PV Enterprises and a default judgement is being entered.
c) There are several recent judgements entered at the Florida Secretary of State. Two are with maritime service / equipment providers and one is with Lauderdale Marine. Lauderdale Marine was the former landlord of the companies offices. Also, the principles of Lauderdale Marine loaned monies to ALAS that have been defaulted on.
Posted Nov. 20, 2012
Analysis of 2nd Quarter, 2012 Report –
Quarterly report showing assets of $12.9 million dollars. These ALAS assets are based on "stock only exchange" of VDSC stock, value at market on date of transaction, traded for the assets and liabilities of PV Enterprises and Saenz. Neither the subsidiaries individual asset's fair market value by appraisal nor related debts have been disclosed in the ALAS financials. According to the 2011 and 2012 SEC filed financials, ALAS aka PV International Holdings had zero revenues for both years. Operating results and losses of both wholly owned susidiaries are not consolidated in the financials. The liabilities and losses of the m/v Ocean Star Pacific ship charter nor default for the Korean charter have not been disclosed. Financials have never been audited. There are millions of dollars owed to defaulted vendors, strategic partners, loans, (from investors, employees and consultants, and short-term borrowerings), primarily via SAENZ and PV Enterprises subsidiaries, that are not disclosed in the ALAS financials for their wholly owned subsidiaries. Some of these borrowings are personally guaranteed by the CEO and could affect the CEO's personal ownership interests if not repaid.
ALAS International Holdings, Inc. aka PV Enterprises International, Inc. (VDSC) Announces Stock Dividend to Its Shareholders
ANALYSIS - posted Feb 8, 2013
For spin-off of Red Tide, a minority interest will be issued, approx. 39% of common stock (3,000,000 shares) in Red Tide to ALAS Shareholders on a conversion basis of 125 ALAS shares to 1 share of Red Tide (a conversion rate .008).
The underlying Agreement terms, made in June 2012, between ALAS and Ed Salmon/Al Ayres, authorizing this TRANSACTION has not been disclosed to the Shareholders and probably would be required under the new transparency rules. The ALAS Board resolution, dated June 30, 2012 and as referenced in Red Tide's S-1, probably requires ALAS Shareholder approval as required under ALAS Bylaws and Articles of Incorporation. Compound this with the ALAS Board that has not been formally elected in the required annual meetings and that have not been held for several years.
ALAS International Holdings Acquires Saenz Corp.
Posted May 11, 2011
CLEARWATER, Fla. -- ALAS International Holdings, Inc. (Pink Sheets:VDSC) today announced that they have acquired 100% of the SAENZ CORPORATION, a Delaware corporation, and its $20 million in assets.
ANALYSIS - PV International recorded $8 Mill on their 2011 and 2012 SEC filed Financials by issuance of stock, not the $20 mil stated above. Although, per quarterly report on May 7, 2011, the Company acquired the assets and operations of Saenz Corporation, USA. Saenz Corporation consisted of three yachts, with a fair market value in excess of the $8 million dollars They show zero operating revenues for both years from SAENZ Corp. Yachts have no current operations. LIENS ARE FILED IN DELAWARE AGAINST THESE YACHTS BY A MAJOR AMERICAN CORPORATION.
The yacht market in the Mediteranean has been severely affected by the world wide recession since 2010. These yachts have no disclosed fair market appraisal and their physical location has not been identified to the public (last known yard was in Turkey for the newbuilds). The existence of these yachts cannot be verified from any company disclosed information. No website exists for Saenz Yachts. Orginally stated were six yachts in press releases and most current disclosure only mentioned three yachts, of which two are uncompleted hulls? The two uncompleted hulls have been listed with brokers since 2010.
ALAS-PV Enterprises, Inc. Announces Purchase of Cruise Vessel
Date : 01/13/2012 @ 9:24AM Source : GlobeNewswire Inc.Stock : ALAS International Holdings, Inc. (VDSC)
Alas Intl Holdings (PC) (USOTC:VDSC) Today : Friday 13 January 2012
PV Enterprises (Pink Sheets:VDSC) is pleased to announce the company has placed a down payment to acquire a 27000 tonnage 600 feet long Oceanliner Cruise Vessel. This magnificent Cruise ship has luxury accommodations, large public spaces with 650 seats dining room, Bistro, Disco, 5000 Sq Feet Casino, Main Show Lounge, and seven bars to accommodate 1200 passengers and 600 crew members. This vessel will be used to fulfill the obligations of a signed charter agreement with Yeosu Expo 2012 in Korea for four months. (http://www.worldexpo2012.com/). http://www.koreaherald.com/business/Detail.jsp?newsMLId=20110511000928 http://eng.expo2012.kr/is/ps/unitybbs/bbs/selectBbsDetail.html
ANALYSIS - This vessel was never purchased by ALAS aka PV Enterprises and no public press annoucement was made regarding the default and non purchase of vessel. The vessel was subsequently scrapped by its true owners, Louis Cruises, via Indian breakers in early 2012.
See link: http://en.wikipedia.org/wiki/SS_The_Emerald YouTube video of SS Emerald at Alang India scrap yard,
See link: http://www.youtube.com/watch?v=c6qwJ7AD8cw
Lasting 93 days ... The 2012 Yeosu Expo is the second international Expo to take place in Korea, following the Daejeon Expo held in 1993.
( The event will be carried out for four months from May 12 to August 12, 2012 under the theme "The Living Ocean and Coast."
The site of the event will be filled with various displays and facilities such as a thematic pavilion situated upon the sea, an international pavilion where participating countries will prepare displays, and the nation's largest aquarium, among others. This charter alone will bring to the company gross revenue of $10,340,000 USD and on board revenue of an additional $3,000,000 USD in the four months alone.
ANALYSIS - PV Enterprises defaulted on this charter. Never delivered a vessel to the Korean Expo. No reveneues were ever recognized or earned on this charter. Defaulted on lease of a replacement vessel that was to be placed at the Korean Expo, the m/v Ocean Star Pacific, at a loss of millions of US Dollars to the company. PV Enterprises has not returned initial deposit of $2.2 million back to Korean Expo. Korean Charter required Mr. Villiotis, PV Enterprises (PV), to deliver vessel to Korea at PV's own expense. Koreans, in good faith, advanced $2.2 million to PV. PV had a Loss of Charter Insurance policy guaranteeing the charter rate if PV delivered a vessel to Korea. Vessel(s) Mr. Villiotis personally selected were not sea worthy and certified for repositioning to Korea. PV was unable to get the vessel(s) certified for the transit to fullfil the contractual obligations. PV never delivered a vessel as per contract and PV DEFAULTED. Koreans made a demand for return of deposit, which PV did not honor. PV was still trying to reposition the vessel to Korea the last three weeks of the Expo. Litigation is pending. NEVER MADE A PRESS ANNOUNCEMENT REGARDING THEIR DEFAULTS .
