American Community Development Group, Inc. Shareholders Approve Corporate Actions and Consent to Proposed Merger With Wialan ...
26 Juin 2013 - 9:57PM
Marketwired
American Community Development Group, Inc. (OTC Pink: ACYD)
announces that an overwhelming majority of shareholders have
tendered to John Folger, President, CEO and Corporate Director, the
consent to undertake several necessary corporate actions that
directly benefit our shareholders.
These specific actions provide Mr. Folger with the authority to
conclude the proposed merger with Wialan Technologies LLC,
(Wialan).
The benefits of this transaction were among the subjects
discussed during a conference call and special shareholder meeting
held last Thursday, June 20th to offer details of the combination
and introduce new company management and discuss future planned
developments.
An archived copy of the conference call can be found on the
Wialan website. The link is http://wialan.com/news.php?id=49
Other actions to be undertaken are that two of the ACYD board
members were removed from their positions so that better qualified
and more active replacements may be named. The Company will also
undertake the rescission of the Preferred Convertible Shares that
were created by, on behalf of, and to the benefit of, the former
directors, Mr. Brant Doell and Mr. David Gray, during their illegal
attempt to terminate Mr. Folger.
The merger is on track to close shortly, subject to final due
diligence and normal closing conditions. When complete, it will
provide Wialan with all of the benefits of public company
participation in the global capital markets in some of the
countries where their technology is already deployed.
Wialan, a next generation telecommunications provider, is poised
for exponential growth from their 5 years of successful R&D,
sales and installations of their impressive WIFI solutions spanning
3 continents. They have established a multi-year track record of
successful installations in airports, municipalities, apartment
buildings, parks, marinas and other locations that require a
superior communication footprint. Among the unique features
available of their WIFI platform include the capability of
real-time live color video streaming and a compact public address
system, which can be programmed to alert responsible parties or
even law enforcement, thereby enabling early warning public
announcements and notification.
Safe Harbor for Forward-Looking Statements: Except for
historical information contained herein, the statements in this
press release are forward-looking statements that are made pursuant
to the safe harbor provisions of the Private Securities Reform Act
of 1995. Forward-looking statements involve known and unknown risks
and uncertainties, which may cause the company's actual results in
future periods to differ materially from forecasted results. These
risks and uncertainties include, among other things, product price
volatility, product demand, market competition, risk inherent in
the company's domestic and international operations, imprecision in
estimating product reserves and the company's ability to replace
and expand its holdings.
For additional information, visit the websites below or contact
the undersigned directly:
http://acdginc.com
http://www.wialan.com
John Folger President and Chief Executive Officer American
Community Development Group, Inc. Direct Cell 727-277-8196 EFax
727-499-7474 Email jfolger@acdginc.com
Wialan Technologies (PK) (USOTC:WLAN)
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