Business & Finance
Business and Finance
Business and Finance
Mon, March 30, 2009Sun, March 29, 2009Fri, March 27, 2009Thu, March 26, 2009Wed, March 25, 2009Tue, March 24, 2009Mon, March 23, 2009Fri, March 20, 2009Thu, March 19, 2009Wed, March 18, 2009Tue, March 17, 2009Mon, March 16, 2009Fri, March 13, 2009Thu, March 12, 2009Wed, March 11, 2009Tue, March 10, 2009Mon, March 9, 2009Fri, March 6, 2009Thu, March 5, 2009Wed, March 4, 2009Tue, March 3, 2009Mon, March 2, 2009Sun, March 1, 2009Sat, February 28, 2009Fri, February 27, 2009Relm Holdings Inc. : Relm Holdings Inc. Names New President
Published on Wednesday, March 11th 2009 at 12:50 GMT, Last Modified on 2009-03-11 12:51:24 by Market Wire
WILMINGTON, DE--(Marketwire - March 11, 2009) - Relm Holdings Inc. (
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
