Monday, August 13 2007 1:16 PM, EST
OPENLiMiT, Inc. Holds Special Stockholders Meeting
Business Wire "US Press Releases "
BAAR, Switzerland--(BUSINESS WIRE)--
OPENLiMiT, Inc. (OTC BB "OPLM") today announced the results of a special stockholders meeting held at Dammstrasse 19, Zug, Switzerland on August 10, 2007 to consider the acquisition of ZAG Holdings AG and matters related to the prospective acquisition.
OPENLiMiT, Inc. stockholders holding a majority of those shares entitled to vote on the matters presented for consideration voted to change the name of the company to "SunVesta, Inc."; to increase the number of authorized preferred shares to 50,000,000; to approve the terms and conditions of the agreement to acquire ZAG as a wholly owned subsidiary; to effect a fifty to one (50:1) reverse split consolidation of the company's outstanding common shares; and to elect Thomas Meier and Stephan Berndt as directors of the company effective on closing the acquisition of ZAG. OPENLiMiT, Inc. expects to acquire ZAG and effect those additional measures approved by its stockholders as soon as is practicable in coordination with its transfer agent, the Florida Secretary of State and NASDAQ.
ZAG, based in Zug, Switzerland, is focused on identifying, purchasing, financing, developing and marketing luxury real estate tied to fractional ownerships within the international hospitality industry. ZAG has finalized the terms of the acquisition of 8.5 hectares of prime property located in Guanacaste, Costa Rica, as the site for the development of a $120 million luxury resort and spa hotel, slated to open in November of 2009. ZAG is also seeking to identify other promising hospitality properties in emerging tourism markets to suit its business model.
ZAG's projects and news can be viewed at www.sunvesta.com.
OPENLiMiT, Inc. is a public company whose common stock trades on the OTCBB under the ticker symbol "OPLM".
Forward-Looking Statements:
A number of statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. A safe-harbor provision may not be applicable to the forward-looking statements made in this press release because of certain exclusions under Section 27A (b). These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and offerings, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that OPENLiMiT, Inc. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. OPENLiMiT, Inc. encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB and Form 10-QSB. OPENLiMiT, Inc.'s public filings may be viewed at www.sec.gov.
Source: OPENLiMiT, Inc.
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