AFM Hospitality Corporation Appoints New Chief Executive Officer.TORONTO--(BUSINESS WIRE)--July 7, 1998--AFM Hospitality (ToSE:AFM (Atomic Force Microscope) A device used to image materials at the atomic level. AFMs are used to solve processing and materials problems in electronics, telecom, biology and other high-tech industries. .) Terry M. Shaikh, Chairman of the Board of AFM Hospitality Corporation ("AFM:TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ") is pleased to announce that veteran Canadian hotelier Stephen H. Phillips, CHA, currently President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Howard Johnson International, Inc., based in New Jersey, USA, has accepted an appointment to become the new Chief Executive Officer of AFM Hospitality Corporation, effective September 1, 1998. Mr. Phillips, a certified hotel administrator with over 30 years of senior management experience in the Canadian and US hotel industry, formerly held executive positions with AFM Inc., Carlton International Hotels, Delta Hotels Delta Hotels is a chain of 40 hotels and resorts across Canada. On October 2, 2007, British Columbia Investment Management Corporation announced that it had acquired Delta Hotels.[1] The hotel chain was formerly a 100% holding of Fairmont Hotels and Resorts. , Westin and Hyatt International. AFM Hospitality Corporation, through its subsidiaries, is the exclusive Canadian master franchisor for Howard Johnson, Ramada ra·ma·da n. Southwestern U.S. 1. a. An open or semienclosed shelter roofed with brush or branches, designed especially to provide shade. b. An open porch or breezeway. 2. and Villager Lodge. New Chief Executive Officer Designate Officer Designate (OF(D)) is a term used in the NATO rank scale, and comes below OF-1. Ranks designated as OF(D) include:
In addition, Mr. Terry Shaikh is pleased to announce that StephenPhillips has agreed to subscribe for a private placement of $500,000 of common shares of AFM the subscription price to be equal to the average price of the shares of AFM on the ten trading days preceding the date of the subscription agreement. Mr. Shaikh stated "the equity private placement by Mr. Phillips indicates the depth of his commitment to AFM and his belief in the potential for future growth of this Company".
CONTACT: AFM Hospitality Corp
Mr. Terry Shaikh, 713/759-0790
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