DALLAS, April 27, 2006 (PRIMEZONE) -- iWorld Projects & Systems, Inc. (Pink Sheets:IWPS) announced today the resignation of the Company's CEO, Robert Hipple, effective March 31, 2006, and the appointment of David L. Pells, the Company's President to the additional positions of acting Chairman, CEO and Secretary of the Corporation until the next meeting of the Corporation's shareholders. In connection with these management changes, the Corporation's primary business address and location has been moved from eastern Florida to Addison, Texas.
According to Mr. Pells, "Mr. Hipple has left the Company for personal reasons and we wish him success in his future business ventures. While his resignation has been accepted by the Board of Directors effective March 31st, we didn't actually receive confirmation in writing from him until April 13th, so this announcement is a little late."
"The iWorld Board and I are excited about the opportunity to turn the Company around after a difficult year with regard to cash flow and several pending legal matters. We have some restructuring to do, but there are some very good people on our team along with several potential investors, and several great projects waiting in the wings, so I am optimistic. With a little capital, some strategic moves and a little time, we should be back on track. The next few months will be interesting," stated Pells.
iWorld Projects & Systems, Inc. is a business development company (BDC) registered in the U.S.A. under the Investment Company Act of 1940, and also a fully reporting company for SEC purposes under the Securities Exchange Act of 1934. As a BDC, the Company is engaged in the business of locating, investing in and assisting in the management of small public and private operating companies. The Company is especially interested in products and services related to professional project management, which crosses all industries and is growing rapidly worldwide. The Company plans to raise capital for future investments in suitable portfolio companies.
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Technical complications may arise which could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited, to those set forth in the company's Form 10-K filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.