TAMPA, Fla, March 16, 2005 (PRIMEZONE) -- P.D.C. Innovative Industries, Inc. ("PDC" or the "Company") (Pink Sheets:PDCN) is pleased to announce the recent appointment of Paul R. Smith as the Company's CEO. Mr. Smith will retain his position as President and a member of the Board of Directors. Mr. Cheatham remains as the company's Chairman of the Board.
Mr. Smith has a 30-year career as a hospitality executive with extensive experience in franchise management in restaurants, soft drink manufacturing, and hotels. Mr. Smith has managed hospitality companies with sizes ranging from 20 restaurants to 300 restaurants. Mr. Smith has held senior executive positions as President of York Hannover, a $300 million hotel and leisure company; CEO of Foodvision.com, Inc., a publicly traded hi-tech hospitality Internet company; and President of PRS Hospitality, Inc., a boutique hospitality consulting company with clients worldwide. Mr. Smith holds an honors business degree from Richard Ivey School of Business, a Harvard affiliate and Canada's most prestigious business school.
"In January 2005 the Board of Directors approved a new direction for the Company, states Mr. Smith. "The company is re-positioning itself as a holding company poised to acquire controlling interests in operating companies that are in predominantly in the hospitality industry, each with strong management, and specialize in franchising, licensing or manufacturing of proprietary, trademarked brands. In addition to the development of Ragin' Ribs, the company intends, over the next year, to acquire several existing companies that have developed strong brands that can be expanded into the North American marketplace."
Mr. Smith further states, "An integral part of our strategy over the next several months is to ensure the company's filings become current with the SEC and the company returns to trading status with the OTCBB. While we remain on the pink sheets and once our filings are current, the company also intends to change its name to reflect our new direction."
This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. Such statements are subject to risks and uncertainties and other factors as may be discussed from time to time in the Company's public filings with the U.S. Securities and Exchange Commission ("Commission"), press releases and verbal statements that may be made by our officers, directors or employees acting on our behalf which could cause actual results to differ materially from those discussed in the forward looking statements and from historical results of operations. In addition to statements, which explicitly describe such risks and uncertainties, statements with the terms "believes," "belief," "expects," "plans," "anticipates" and similar statements should be considered uncertain and forward-looking. Factors that might cause such a difference include, without limitation: the uncertainty of the Company's ability to meet capital needs; competition within the fast-casual restaurant segment; the closing of projected franchise sales; and as further set forth in our public filings filed with the Commission and our press releases.