VRMD/p .07 up strong today. Looks like they have some high revenue LOI's in the works and are working on getting fully reporting and on the AMEX.:
Vision Real Estate Management and Development, Inc. Plans to Become Fully Reporting
ALBANY, N.Y., Dec 5, 2003 (BUSINESS WIRE) -- Vision Real Estate Management and Development, Inc. (Pink Sheets: VRMD), today announced the company has retained a SEC auditor to expedite audits needed to complete the filings necessary to become a fully reporting company eligible to trade on the OTC Bulletin Board. The company still anticipates applying for listing on the American Stock Exchange in the future.
AND:
Vision Real Estate Management and Development Signs Letter Of Intent
ALBANY, N.Y., Jan 22, 2004 (BUSINESS WIRE) -- Vision Real Estate Management and Development, Inc. (Pink Sheets: VRMD), today announced that it has entered into a letter of intent to acquire, Ambica Corporation, Ambica II Corporation, Jagdamba Corporation, Jagdamba II Corporation, Maha Laxmi Corporation and Maha Laxmi II Corporation solely for stock in Vision Real Estate Management and Development. Upon the closing of this acquisition, Vision Real Estate Management and Development company will spin out its present assets into a newly formed subsidiary. Vision Real Estate Management and Development and Meridian Construction, Ltd and Meridian Piling, Inc. have canceled their previously announced letter of intent by mutual agreement.
Ambica Corporation, Ambica II Corporation, Jagdamba Corporation, Jagdamba II Corporation, Maha Laxmi Corporation and Maha Laxmi II Corporation had combined revenues of over $7,500,000 in 2003 and net assets of approximately $7,500,000. Jagdamba Corporation, Jagdamba Corporation II, Maha Laxmi Corporation and Maha Laxmi II Corporation are current owners of franchised companies; Albany NY based Super 8 Motel, Saratoga Springs NY Based Super 8 Motel, Albany NY Based Golden Corral Restaurant, and Saratoga Springs NY Based Golden Corral Restaurant. Ambica Corporation, Ambica II Corporation are owners of real Properties in the Albany and Saratoga NY area. The company believes that upon the closing of these six acquisitions the book value of Vision Real Estate Management and Development's common stock will be substantially increased.
On the completion of these acquisitions Vision Real Estate Management and Development will change its name to OM Companies, Inc., which will be the sole owner of Ambica Corporation, Ambica II Corporation, Jagdamba Corporation, Jagdamba II Corporation, Maha Laxmi Corporation and Maha Laxmi II Corporation. Mr. Niral Patel will become the new President and CEO of OM Companies, Inc. The completion of these six acquisitions is anticipated to close no later than April 25, 2004.
OM Companies, Inc. will continue to operate as a holding company of franchised companies. Presently OM Companies, Inc. is in the process of securing plans to open four franchised operations in 2004 and six franchised operations in 2005. OM Companies, Inc anticipates that this will add over $30,000,000 in revenue by the end of 2005.
All shareholders of record on the close of these acquisitions will remain shareholders of Vision Real Estate Management and Development company, which becomes the much larger franchise holding company. Shareholders will also receive shares of the spin off of the real estate portion of Vision Real Estate Management and Development companies.
"This is the best move for the shareholders." Stated Daniel J. Duffy, Vice President of VRMD. "Since we receive so many opportunities with private companies, we feel that our decision to acquire these six corporations, that already have a proven track record and own four franchised companies, fits the puzzle on escalating our business plan at a more rapid rate".
"These six acquisitions are adding more assets and earnings for our shareholders" stated Donovan Rhoden, President and CEO of Vision Real Estate Management and Development. "Our decision to acquire these six companies will not delay us on obtaining a listing on the American Stock Exchange and the Company intends to apply for a listing on the American Stock Exchange as promptly as possible.
Vision Real Estate Management and Development will announce shortly the date and location of its first shareholders meeting. All shareholders are welcome to attend. At the meeting all shareholders will be encouraged to vote on the proposed name change and the proposed six corporation acquisitions. Company officials will be present at this meeting to inform shareholders of new developments.
AND ANOTHER:
Company News and Press Releases From Other Sources:
Vision Real Estate Management and Development Signs Letter Of Intent
ALBANY, N.Y., Jan 22, 2004 (BUSINESS WIRE) -- Vision Real Estate Management and Development, Inc. (Pink Sheets: VRMD), today announced that it has entered into a letter of intent to acquire, Ambica Corporation, Ambica II Corporation, Jagdamba Corporation, Jagdamba II Corporation, Maha Laxmi Corporation and Maha Laxmi II Corporation solely for stock in Vision Real Estate Management and Development. Upon the closing of this acquisition, Vision Real Estate Management and Development company will spin out its present assets into a newly formed subsidiary. Vision Real Estate Management and Development and Meridian Construction, Ltd and Meridian Piling, Inc. have canceled their previously announced letter of intent by mutual agreement.
Ambica Corporation, Ambica II Corporation, Jagdamba Corporation, Jagdamba II Corporation, Maha Laxmi Corporation and Maha Laxmi II Corporation had combined revenues of over $7,500,000 in 2003 and net assets of approximately $7,500,000. Jagdamba Corporation, Jagdamba Corporation II, Maha Laxmi Corporation and Maha Laxmi II Corporation are current owners of franchised companies; Albany NY based Super 8 Motel, Saratoga Springs NY Based Super 8 Motel, Albany NY Based Golden Corral Restaurant, and Saratoga Springs NY Based Golden Corral Restaurant. Ambica Corporation, Ambica II Corporation are owners of real Properties in the Albany and Saratoga NY area. The company believes that upon the closing of these six acquisitions the book value of Vision Real Estate Management and Development's common stock will be substantially increased.
On the completion of these acquisitions Vision Real Estate Management and Development will change its name to OM Companies, Inc., which will be the sole owner of Ambica Corporation, Ambica II Corporation, Jagdamba Corporation, Jagdamba II Corporation, Maha Laxmi Corporation and Maha Laxmi II Corporation. Mr. Niral Patel will become the new President and CEO of OM Companies, Inc. The completion of these six acquisitions is anticipated to close no later than April 25, 2004.
OM Companies, Inc. will continue to operate as a holding company of franchised companies. Presently OM Companies, Inc. is in the process of securing plans to open four franchised operations in 2004 and six franchised operations in 2005. OM Companies, Inc anticipates that this will add over $30,000,000 in revenue by the end of 2005.
All shareholders of record on the close of these acquisitions will remain shareholders of Vision Real Estate Management and Development company, which becomes the much larger franchise holding company. Shareholders will also receive shares of the spin off of the real estate portion of Vision Real Estate Management and Development companies.
"This is the best move for the shareholders." Stated Daniel J. Duffy, Vice President of VRMD. "Since we receive so many opportunities with private companies, we feel that our decision to acquire these six corporations, that already have a proven track record and own four franchised companies, fits the puzzle on escalating our business plan at a more rapid rate".
"These six acquisitions are adding more assets and earnings for our shareholders" stated Donovan Rhoden, President and CEO of Vision Real Estate Management and Development. "Our decision to acquire these six companies will not delay us on obtaining a listing on the American Stock Exchange and the Company intends to apply for a listing on the American Stock Exchange as promptly as possible.
Vision Real Estate Management and Development will announce shortly the date and location of its first shareholders meeting. All shareholders are welcome to attend. At the meeting all shareholders will be encouraged to vote on the proposed name change and the proposed six corporation acquisitions. Company officials will be present at this meeting to inform shareholders of new developments.
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