Mauldin, South Carolina , July 16, 2020 (GLOBE NEWSWIRE) --
The Company announces that, with effect from 01 May 2020, Michael F. O’Shea has been appointed interim President and sole Director of the Company. In recent months there appears to have been a series of unauthorized transactions relating to the status and control of the Company and O’Shea has been appointed to clarify and resolve these issues, take the necessary steps to restructure the Company and, in conjunction with financial and legal advisors, constitute a new Board and identify potential business combinations.
Michael O’Shea is currently Director of Forensic Research Group, Inc., an internationally recognized forensic accounting, investigative and financial consulting firm co-founded by him in 1999. He has been admitted in numerous Federal and State jurisdictions as a forensic accountant and has regularly been charged with acting as a Court Appointed Receiver in business matters.
"Safe-Harbor" Statement: Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.