AdPads, Incorporated and Haley's Comet Casinos, Inc. Continue Reverse Merger Talks
Monday, December 17 2007 9:13 AM, EST Business Wire "US Press Releases "
ROANOKE, Va.--(BUSINESS WIRE)--
AdPads, Incorporated (APAD.PK) and Haley's Comet Casinos ("HCCI") have entered into an understanding in principle, wherein AdPads would acquire all of the issued and outstanding shares of Haley's Comet Casinos, in exchange for a majority position in APAD.
It is anticipated that within the next few weeks, a formal Merger Agreement could be executed; the name AdPads, Incorporated will be changed to Haley's Comet Casinos, Inc. ; a new CUSIP number will be obtained; a new trading symbol will be applied for; Haley's Comet Casinos' Officers and Board of Directors will assume their positions; a Haley's Comet Casinos "full disclosure" Information Statement will be issued; and a restructuring plan will be announced.
History of "APAD":
In 2000, AdPads Incorporated was engaged in the business of providing its customers with specialized marketing services. This business venture never achieved its goals, and on December 6, 2001 , the Company had entered into an agreement with a potential reverse merger partner known as Blue Flying Fish, Inc. On January 16, 2003 , a "Preliminary Copy" of an Information Statement was issue by BFFI, in which new Management had set forth their business plan. That was the last publicly issued statement, and, shortly thereafter, BFFI Management abandoned their corporate office in New Jersey .
Since then, and for almost five years, AdPads has been a nonoperating, dormant, although trading, public "shell." The trading range for AdPads stock has been from a high on $1.40 , in the first quarter of 2000, to a low of $. 001 (one mil)
As the majority of the issued and outstanding shares of APAD are represented in the Reverse Merger plan, it will not be necessary to obtain prior shareholder approval, and, therefore, a proxy vote will not be needed to effectuate this transaction.
According to a Company spokesperson, "The first Haley's Comet Slot Casino in West Virginia could be open for business as early as the spring 2008 with a startup cost for the land and a 20,000 square foot building of about $3,000,000 . Anticipated monthly revenues could approach $3,000,000 , with an operational monthly budget of only $300,000 within its first 12 months. The Company has been contacted by two career gaming individuals, both of whom have expressed a keen interest in the HCCI slot casino projects."
Forward-Looking Statements
Any statements that are not historical facts contained in this release are forward-looking statements. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, intellectual property rights, the outcome of competitive products, risks in product development, the results of financing efforts, the ability to complete transactions, and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made.
Source: AdPads, Incorporated
