Relm Holdings Inc. Names New President
11 März 2009 - 7:48PM
Marketwired
Relm Holdings Inc. (PINKSHEETS: RELM) announced the appointment of
Randall G. Burton as its new president.
Mr. Burton is a native Delawarean with more than 30 years'
experience in real estate related activities, such as construction,
development, sales and management. As president, he will bring his
business acumen to RELM. Also, he currently serves as Chairman of
the Board of Access Versalign Inc. (AVI), a technology software
business, where he worked to close the first $6 million BCLOC
Business Loan.
As president of RELM, he will guide the acquisition of $45
million in properties that RELM's subsidiary, Relm Real Estate
Holdings, is working to complete. Burton plans to rework the
arrangement with the primary stock lender, which provided $682
million in Series A Preferred Shares to be used as collateral, as
these properties are expected to be funded by a third party lender
in a manner very similar to the BCLOC Business Loan structure used
for AVI and a third party Lender. Also, he will lead the company to
work in partnership with AVI to introduce a pilot information
technology program for real estate properties that are expected to
bring additional revenue to both AVI and RELM.
Most importantly, his first decision as president is to take
home an annual salary of $1 in cash with future stock benefits,
thereby aligning himself more with potential new investors and new
employees who will also receive limited cash and stock benefits
until the $45 million in properties are funded.
Effective April 6, 2009, Burton will take on the responsibility
of operating RELM, and bring on new employees whom he believes will
be more aligned with stockholders by taking cash and stock salaries
while RELM grows.
Due to economic conditions, all talks have ended with the Grand
Sierra Resort owners and bankers. However, other commercial
properties remain under discussions, and expect to be funded in
2009.
About RELM
The Company's business model focuses on real estate acquisitions
and management. For more information, please visits
www.relmholdingsinc.com.
Safe Harbor
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for forward-looking information made on the company's
behalf. All statements, other than statements of historical facts
which address the company's expectations of sources of capital or
which express the company's expectation for the future with respect
to financial performance or operating strategies, can be identified
as forward-looking statements. Such statements made by the company
are based on knowledge of the environment in which it operates, but
because of the factors previously listed, as well as other factors
beyond the control of the company, which include the ability of the
company to implement its business plans through the acquisition of
real estate, actual results may differ materially from the
expectations expressed in the forward-looking statements
Contact: Relm Holdings Inc. info@relmholdingsinc.com
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