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June 23, 2010, 10:00 a.m. EDT ·
WaterColor Holdings, Inc. Changes Its Business Strategy Advance of Merger
WESTPORT, CT, Jun 23, 2010 (MARKETWIRE via COMTEX) -- WaterColor Holdings, Inc. ("WaterColor"), a privately held entity, today announced that its Board of Directors has unanimously approved a change in its business strategy and plan leading toward a merger.
Martin Licht commented, "The Board of Directors has recently agreed to a change in the company's direction and structure in order to improve shareholder value. When we assumed control of the company in 2007 we felt our business plan at the time would create a profitable venture. When we realized not only the difficulties in developing a successful alternative fuel business but also the problems we faced in cleaning up a dormant shell, we chose to revert back to a private entity. Since then, we have explored a number of potential business opportunities. We are now in final negotiations with an exciting merger prospect in the Homeland Security marketplace.
"WaterColor is in good standing with the state of Colorado and it will be implementing a 1:60 reverse split reducing the total outstanding common shares to less than 7 million pre-merger. As a result, the total authorized common shares will be reduced to 150 Million and preferred shares will decline to 5 Million. Upon closing the merger, existing shareholders will retain approximately 10% ownership in the new company. The new company's name will be revealed once formal contracts have been signed by all parties and all conditional terms met."
Mr. Licht closed his remarks by stating "We anticipate the new company will provide substantial potential for investment growth to all shareholders. WaterColor will be relinquishing majority ownership once arrangements have been completed and as a result all future correspondence will be provided by the new management. As part of the merger acquisition terms, the new company will be filing with both the SEC and FINRA in order to achieve trading status."
Contact for further information:
Gary Stein
steincorp007@gmail.com
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