CLEARWATER, Fla., Nov. 9, 2011 (GLOBE NEWSWIRE) -- ALAS International Holdings, Inc. (Pink Sheets:VDSC) provides Shareholder Update in a statement released today by Peter Villiotis.
The complete focus and direction of ALAS International Holdings will be on the Maritime Industry, which is our core strength, as the management team has over 100 years of experience devoted to the shipping and cruise business.
All previously announced activities by ALAS will be cancelled, sold off, or spun out for the benefit of the shareholders (except for Saenz Corp and PV Enterprises).
The current financial condition of ALAS will reflect Saenz's 18 million dollars in tangible assets, P.V. Enterprises with revenues of over 3 million dollars with an approximate EBITDA of 2 million dollars. At this time ALAS has no external debt; however, the little internal debt on the books is to shareholders and insiders. These debts may be converted to stock with little dilution to the current shareholder base. ALAS also has a substantial tax loss carry forward.
ALAS will continue the previously announced yacht charter business with plans to move into the cruise ships and cargo ferry business where revenues have shown a steady increase over the last 5 years and projected to continue to rise for the next 3 years. PV Enterprises will also continue to grow its contract ships management business.
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. 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.