WILMINGTON, DE -- 11/09/09 --
RELM Holdings Inc. (PINKSHEETS: RELM)
announced today that it executed a Letter of Intent (LOI) to acquire 100%
of the equity interests in a well established Electronic Document
Management company with facilities in the South East and Midwest.
Management noted that the target company will remain undisclosed pending
the execution of definitive agreements per customary non-disclosure terms
agreed on by the parties. The Company, founded in 1990, provides
high-quality document management services to its clients in the
pharmaceutical, legal, financial services, healthcare and commercial
markets through electronic discovery, computer forensics, litigation
support, commercial imaging, online collaboration, forms processing, and
other services. Revenues for 2009 are expected to exceed $3,300,000.00.
With this acquisition, Relm's annual technology revenues will exceed
$5,000,000.00. Management will provide consolidated pro-forma statements
once due diligence has been completed.
Management plans to operate the Company within the newly formed Relm
Technology Group (RTG) and the Company's key executives will become members
of the RTG Executive Management Team.
According to Marc Greenberg, EVP, "This acquisition allows us to offer an
exciting new suite of services to our clients and is the first step to
executing our vision of a diverse offering of technology solutions. We
discovered many opportunities that will be available to us as we
consolidate the companies including our ability to leverage Access
Versalign's (AVI) network and infrastructure team to support the Company's
datacenter operations."
Randall Burton, President, added, "This is an award winning company in
their field and their management team is experienced and well respected. We
look forward to the cross selling opportunities that this creates for us
and eventually offering Electronic Document Management services to the Mid
Atlantic legal, corporate and healthcare markets."
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 RELM, please visit www.relmholdingsinc.com.
About AVI
AVI was organized in 2008 and in 2009 acquired Versalign Inc., which was
founded in 1985 and currently provides targeted Information Technology
solutions for corporate, professional and governmental clients in the
Mid-Atlantic region. AVI provides RELM with new top management plus it
increases the employee base to over 25 employees. This acquisition
gives RELM access to cash flows and expanded business opportunities in the
information technology industry. For more information about Versalign,
please visit www.versalign.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 acquire
businesses and real estate, actual results may differ materially from the
expectations expressed in the forward-looking statements.
Contact:
RELM Holdings Inc.
manager@relmholdingsinc.com
