CLEARWATER, Fla., June 3, 2011 (GLOBE NEWSWIRE) -- ALAS Holdings International - (Pink Sheets:VDSC) announced today that it has filed its Quarterly report for the three month and nine months periods ending March 31, 2011.
All necessary filings have been completed with OTC Markets to bring the company to a "current" status, which should be reflected within 3 to 5 business days. The delay in the quarterly release was necessary to incorporate the terms related to the recent acquisition of the SAENZ Corporation.
OTC Markets operates the world's largest electronic interdealer quotation system for broker-dealers to trade unlisted securities. Companies that follow the International Reporting Standard or the Alternative Reporting Standard by making filings publicly available through the OTC Disclosure & News Service pursuant to OTC Markets Group Guidelines for Providing Adequate Current Information are designated as OTC Pink "Current" Information.
In August of 2009, the Company acquired and currently operates, Redtide Defense Group, Inc. Redtide is a company created to provide an inexpensive and technically superior solution to a growing worldwide demand for Unmanned Air Vehicles commonly referred to as UAV's.
In April of 2010 the company announced the intention to acquire Quality Performance (QPI) subject to financing. In 2010, QPI generated $9.2 million in revenue and $1.2 million in Operating Profit.
In May of 2011 the Company completed the acquisition of the SAENZ Corporation, a yacht charter company that owns 3 luxury yachts which will be relocated from the Mediterranean to the Bahamas. SAENZ has been in the yacht charter and yacht building industry for 25 years and will continue operate under the direction of Peter Villiotis the President of SAENZ, who has been in the charter and cruise industry for over 35 years. SAENZ will operate as a wholly owned subsidiary of the Company. In 2010, SAENZ reported an unaudited $4.5 million in revenues and a $1.0 million Net Profit.
In its recent filing, ALAS announced that it acquired SAENZ on May 7th, 2011 for 800,000 shares of class B Preferred stock, each convertible after one year to 10 shares of Common stock, or to the number of total shares equal to $8 million dollars, whichever is higher.
Ed Salmon said, "We're excited to complete the SAENZ acquisition which equates to eight times last year's profits and 40% of its reported asset value, as determined by a third party survey of the three ships. The ships are the MY Antibes surveyed at $10 million, the MY Strovili surveyed at $5 million and the MY Aurora with a survey value of $5 million. We invite you to review our filings on the OTC Markets website to answer any questions you may have concerning the details of the SAENZ acquisition, as well as our past and current operating strategy."
About ALAS International Holdings, Inc.:
ALAS International Holdings, Inc, is an international project financing and investment holding corporation that originates or acquires, both domestic and overseas companies. The Company is looking to grow both organically and through strategic acquisitions. ALAS and its affiliates will consider investment opportunities from $5 million to $50 million.
3rd Quarter 2011 Report
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=53009
Interim Financial Report
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=53008
Safe Harbor Act Disclaimer: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence and risks and uncertainties associated with the Company's business, including but not limited to the risks and uncertainties associated with venture capital investing. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.