RELM .0012 climbing towards multi-aquisitions due here
RELM Holdings Inc. Provides Management Update on Planned Acquisitions
Tuesday , January 05, 2010 11:14ET
WILMINGTON, DE -- (Marketwire) -- 01/05/10 -- RELM Holdings Inc. (PINKSHEETS: RELM) Management issued the following update on the current status of the three announced pending acquisitions.
The South-Eastern Document Management Company:
Management is continuing to perform its due diligence on the Company and expects to complete its analysis soon. To date, nothing has been found to deter Management from moving forward with this transaction. Once the analysis is complete, Management will work with the Company to finalize the appropriate Purchase Agreement and related documents. In the interim, Management continues its effort to secure funding for all the pending transactions.
The Delaware based Full Service Technology Support Company:
The parties failed to execute a Definitive Purchase Agreement within the time specified in the Letter of Intent (12/31/09). Management is committed to this acquisition and will continue to pursue an agreement; however, management is unable to commit to a timeframe for an agreement at this time.
The West Coast Document Management Company:
Management has successfully completed its due diligence on the Company and is enthusiastic about working with the Company to finalize the Purchase Agreement and to close the transaction within the first quarter of 2010.
About RELM
RELM was incorporated to acquire operating businesses and is now a holding company with a primary focus on financial and information technology services along with real estate. The Company bases its business model on the acquisition of synergistic businesses with the capability to support and compliment its financial and technology products. RELM intends to lead a vertically integrated family of companies that will provide business solutions along with its affiliates to address underwriting, servicing, raising capital, and commercialization, while securitizing and guaranteeing its products in the marketplace. Since 1994 the Company has conceived, designed, and developed innovative, new products that "absorb asset risk." For more information about RELM, please visit www.relmholdingsinc.com.
About AVI
AVI was organized in 2008 and in 2009 acquired Versalign Inc., which was founded in 1985 and currently provides targeted Information Technology solutions for corporate, professional and governmental clients in the Mid-Atlantic region. AVI provides RELM access to cash flows and expanded business opportunities in the information technology industry. For more information about Versalign, please visit www.versalign.com.
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