Commercial Consolidators Corp. Announces Sale of its Sharepoint Condo Management System to Creel Corporation.Business Editors TORONTO--(BUSINESS WIRE)--Aug. 22, 2002 COMMERCIAL CONSOLIDATORS CORP. (AMEX AMEX See: American Stock Exchange :ZCC ZCC Zero Core Contribution ZCC zone of calcified cartilage ZCC Zone Compliance Coordinator (State Farm Insurance) )(Frankfurt:CJ9), ("ZCC") is pleased to announce that its subsidiary, Central Point Technologies, Inc. ("Central Point"), a division of La Societe Desig Inc. ("Desig"), concluded the sale of its SharePoint Condo Management System to Creel Corporation. The total sale is valued at C$415k, plus recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. support revenues totaling C$243k over five years. This global Condo Property Management System will be implemented at Creel's four luxurious condo resorts located in Myrtle Beach, SC to manage its hospitality operations for a total of 1,800 units. SharePoint will run on a server located at each property and accessible by each individual resort through Wide Area Network for remote reservations, management and reporting. SharePoint is Desig/Central Point's latest Property Management System specifically targeting single and multi-property Condo-hotels from 50 to 2000 units per site. It provides a totally unique set of applications that efficiently manages both the condo owners and the transient guests sides of the business. This sophisticated solution includes exhaustive features to optimize condo and hospitality operations, automate condo owners accounting and unit management, simplify owners and guests reservations and improve bottom lines. "We are extremely excited by this significant sale to the four resorts owned by Creel Corporation and by Central Point's inroad in·road n. 1. A hostile invasion; a raid. 2. An advance, especially at another's expense; an encroachment. Often used in the plural: Foreign products have made inroads into the American economy. in Myrtle Beach's lucrative hospitality market with opportunities for 460 hotels and 72,000 rooms," stated Michael Weingarten, Chairman of Commercial Consolidators, Corp. Creel Corporation is one of the many revenue opportunities that Central Point has closed or is currently negotiating from the promising Condo-hotel market segment. Based on the demand from major condo-hotels in the U.S. and the Caribbean, the SharePoint Condo Management system is becoming a major contributor to Central Point's success. ABOUT COMMERCIAL CONSOLIDATORS CORP. Commercial Consolidators Corp. is a diversified diversified (di·verˑ·s distributor of business technologies (cellular phones and accessories, and computer hardware and software) and consumer electronics to the Americas (North, South and Central). The Company's head office is located in Toronto, Ontario. ABOUT CENTRAL POINT TECHNOLOGIES, INC. Central Point Technologies, Inc. (www.centralpointtech.com) a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Commercial Consolidators Corp., offers a portfolio of Hospitality Solutions including property management systems, condo management systems, Internet on-line bookings, speech recognition telephone reservations, point-of-sales, back-office & call accounting system, as well as peripheral products. ABOUT CREEL CORPORATION Creel Corporation is a resort management company, specializing in vacation condominiums in Myrtle Beach SC. The company successfully manages four of the most premier properties in Myrtle Beach most coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. locations. Their properties include the Caravelle Caravelle may be a reference to:
ON BEHALF OF THE BOARD OF DIRECTORS MICHAEL WEINGARTEN, Chairman Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts, are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company intends that such forward-looking statements be subject to the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. |
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