FREEPORT, N.Y., Dec. 2, 2014 (GLOBE NEWSWIRE) -- Castle Holding Corp. (Pink OTC Markets:CHOD) (the "Company") is pleased to announce today that control of the corporation has been purchased by a new group as reported in a voluntary 8 K filing of Nov. 26, 2014.
As previously reported, the goal is to increase visibility of the Company as well as to formulate a plan of action to build the Company into a leading edge merger and acquisition model. That model could take the form of improvement that is currently employed by a publicly owned holding company investment manager like Berkshire Hathaway, Inc. Another possible improved model could be in the bettering of a business development corporation format like Main Street Capital Corporation.
The following steps are being taken to move in a new, more successful direction:
- The Company is in communication with OTC Markets to raise its disclosure level in keeping with the latest voluntary SEC filings.
- A private exchange offer for the benefit of the Company's Preferred Shareholders is being developed. It is expected that this exchange offer will be refined for release in early 2015 and could increase the Company cash position as well as possibly provide the Preferred Shareholders a better outcome.
- 2,000,000 shares of Emergent Health Corp. (Pink OTC Markets:EMGE) have been added to the Company's holdings. The Company believes this could be a potentially profitable long term holding.
- A new corporate website has been created for the Company http://www.castleholdingcorp.com
- The Company is envisioning the formation of a public venture capital company. The Company is reviewing an enhanced model of the hit TV show Shark Tank. There is a holding place for that formative venture to be called Shark Venture Capital, Inc.: http://www.sharkventurecapital.com
The Company believes these steps outlined above could be the start of showing new progress in 2015 and beyond.
This press release contains certain "forward-looking" statements, defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by the company. This press release is provided for information purposes only and is not intended to constitute an offer to sell or a solicitation of an offer to buy securities.