Business & Finance
Business and Finance
Business and Finance
Wed, May 27, 2009
Tue, May 26, 2009 RELM Holdings Inc. : RELM Holdings Names EVP and COO
WILMINGTON, DE--(Marketwire - May 26, 2009) - RELM Holdings Inc. (
Marc Greenberg is an Information Technology Executive with over 25 years of diverse experience in real estate and managing Information Technology services and developing business application solutions. Mr. Greenberg is Chief Executive of Versalign, Inc., a subsidiary of Access Versalign Inc., which is being acquired by RELM. Versalign is one of Delaware's leading IT service providers and Value Added Resellers. As Executive Vice President and Chief Operating Officer of RELM, Mr. Greenberg will guide the implementation of the Access Channel Software and the development of Technology-based life-style products and services for Access Channel's clients in addition to managing real estate acquisitions for Relm Real Estate Holdings Inc.
Prior to co-founding Small Systems Management, Inc. (Wilmington, Delaware) in 1985, Mr. Greenberg was a Personal Computer Specialist with the IBM Corporation. SSM quickly grew from a two person start-up to a full service 300+ person IT Value Added Reseller and support company providing technical support services, network support services, IT product sales, structured cabling and application development services for clients that included First USA Bank, J.P. Morgan, and the State of Delaware. In the early 1990s, the company had outgrown the Small Systems Management name and became AmeriStar Technologies, Inc., with peak annual revenues of approximately $90 million and operations in over ten states. SSM / AmeriStar achieved the rare distinction of earning a spot on the Inc. 500 magazine listing of the nation's fastest growing companies for six consecutive years.
After 2000, AmeriStar became Versalign, Inc. as the company refined its primary focus on the versatile delivery of Information Technology services aligned with the client's goals. Versalign provides targeted solutions for corporate, professional and governmental clients in the Mid-Atlantic region. Versalign provides Network Support and Integration, IT Security and Remediation, Professional Placement, Desktop Support and IT Logistics Services. Versalign maintains expertise in Microsoft, Novell, Citrix, SonicWall, Packeteer, Fortinet, Cisco, Checkpoint, Hewlett-Packard, IBM, Unitrends, Symantec and Dell Products. Although recent years have been strenuous for technology related businesses, Mr. Greenberg was able to produce a profit of $44,271 in 2008*. For more information about Versalign, please visit [ www.versalign.com ].
Mr. Burton, President, and Mr. Greenberg, EVP/COO will work closely with a new Board of Directors to create an Advisory Board of talented professionals and recruit additional members to the management team.
*Access Versalign Inc.("AVI") CONSOLIDATED PRO-FORMA STATEMENT OF OPERATIONS For the twelve months ended December 31, 2008* AVI Versalign Pro-forma ------------ ------------ ------------ Unaudited Unaudited Consol 12/31/2008 12/31/2008 12/31/2008 REVENUES Services - $ 1,977,519 $ 1,977,519 Product - $ 155,681 $ 155,681 Software License Fee $ 390,000 - $ 390,000 ------------ ------------ ------------ TOTAL REVENUES $ 390,000 ** $ 2,133,200 $ 2,523,200 COST OF REVENUES $ 400,000 $ 167,426 $ 567,426 ------------ ------------ ------------ GROSS MARGIN $ (10,000) $ 1,965,775 $ 1,955,775 EXPENSES Salaries - $ 1,199,466 $ 1,199,466 General and Administrative $ - $ 436,628 $ 436,628 ------------ ------------ ------------ TOTAL EXPENSES $ - $ 1,636,094 $ 1,636,094 OPERATING INCOME (LOSS) $ (10,000) $ 329,680 $ 319,680 ------------ ------------ ------------ OTHER REVENUE OR (EXPENSE) Interest Exp Related Party $ (1,903) $ (21,375) $ (23,277) Management Fee $ (49,315) - $ (49,315) Interest Exp Bank and other Debt - $ (264,034) $ (264,034) ------------ ------------ ------------ TOTAL OTHER REVENUE OR (EXPENSE) $ (51,217) $ (285,409) $ (336,626) ------------ ------------ ------------ ------------ ------------ ------------ PRETAX INCOME (LOSS) $ (61,217) $ 44,271 $ (16,946) ------------ ------------ ------------ **Note: The $390,000 in AVI revenue will need to be eliminated in consolidation post-merger with RELM.
About RELM
RELM was incorporated to acquire operating businesses and is now a holding company with a primary focus on financial and information technology services along with real estate. The Company bases its business model on the acquisition of synergistic businesses with the capability to support and compliment its financial and technology products. RELM intends to lead a vertically integrated family of companies that will provide full solutions for its affiliates and clients, such as underwriting, servicing, raising capital, and commercialization, while securitizing and guaranteeing its products in the marketplace. Since 1994 the Company has conceived, designed, and developed innovative, new products that "absorb asset risk." For more information about the RELM, please visit [ 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 newly expanded business model or acquiring businesses and real estate, actual results may differ materially from the expectations expressed in the forward-looking statements.
