KNOXVILLE, Tenn., May 5, 2006 (PRIMEZONE) -- Green Dolphin Systems Corp., today announced that it is continuing to pursue completion of a business reorganization and has identified Wales Holding Corp. as a candidate. Wales is involved in the mining business. Having reviewed several potential candidates, management believes that Wales is in line with management's commitment to enhance shareholder value. Further details will be released upon completion of corporate due diligence.
In anticipation of a potential merger, the Company is working to become current with its Exchange Act filings over the next few weeks. Management is working diligently to expedite matters to the mutual benefit of all parties.
Statements made in this press release regarding the Company's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to compete effectively in a rapidly evolving and price competitive marketplace; uncertainties of completing business transactions; uncertainties of raising necessary capital; no control over long term pricing; possible reductions in demand for our products and services due to competition or changes in industry conditions or political environment; changes in the nature of regulation in the United States and other countries; political risk; currency exchange risk; changes in business strategy; the successful integration of newly-acquired business; the impact of technological change; reliance on management and management contracts; and other risks that may be referenced from time to time in the Company's filings with the Securities and Exchange Commission.