News: Better than nothing IMO:
Vision Real Estate Management and Development to Close on Acquisition of OM Companies
ALBANY, N.Y., May 13, 2004 (BUSINESS WIRE) --
Vision Real Estate Management and Development, Inc. (Pink Sheets: VRMD), today announced it anticipates closing on the acquisition of OM Companies within the near future, upon the completion of its due diligence which is in the final stages.
"Our company is poised to benefit not only from the acquisition of OM Companies but also from other opportunities that have been presented to the company;" stated Daniel J. Duffy, Vice President of VRMD.
"We are very excited about the pending completion of the acquisition of OM Companies, and all that entails in increasing assets, revenues and earnings;" stated Donovan Rhoden, President and CEO of Vision Real Estate Management and Development. "We believe that we are placing VRMD and its shareholders in a position to take advantage of the increasing strength and growth in the real estate and related industries."
OM Companies, which consist of the following six corporations, Jagdamba Corporation, Jagdamba Corporation II, Maha Laxmi Corporation Maha Laxmi II Corporation, Ambica Corporation, Ambica II Corporation, had combined revenues of over $7,500,000 in 2003 and net assets of approximately $7,500,000. OM Companies 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.
Forward-Looking Statements the private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond control of the company, actual results may differ materially from the expectations expressed in the forward-looking statements.
SOURCE: Vision Real Estate Management and Development, Inc.
Vision Real Estate Management and Development, Inc.
Daniel J. Duffy, 518-862-1676
Fax: 518-862-9247
WWW.VRMDCORP.COM
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