MAII Holdings, Inc. Acquires 2.24 Million MAII Shares.Business Editors PLANO, Texas--(BUSINESS WIRE)--Nov. 27, 2001 MAII Holdings, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : MAII) today issued the following market announcement: MAII Holdings, Inc. (MAII) today announced that it has completed the acquisition of an aggregate of 2,243,838 shares of its common stock from three groups of substantial shareholders. Following such purchases, MAII has approximately 3,900,000 shares outstanding. Included in these purchases were 752,000 shares of MAII's common stock from GenesisIntermedia, Inc. (GENI). GENI is no longer a shareholder in MAII and is not involved in any way with MAII. "Since joining MAII in January, a significant part of my job has been to identify and acquire an attractive operating company operating company A business that engages in transactions with outsiders. and to align the interests and objectives of our shareholders," said Chris Tyler, Chairman of the Board 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 MAII. "With the previous acquisition of Car Rental Direct and this consolidation of our capital base, we have significantly accomplished these objectives. We are now in a strong position to enhance shareholder value in the future." MAII acquired the 752,000 shares from GENI at a purchase price of $1.31 per share. In addition, the Company also settled certain claims against GENI as part of such repurchase. The remaining 1,491,838 shares were acquired from the Sunwestern and Satana groups at a purchase price of $2.00 per share, plus MAII issued to such groups 3-year warrants to purchase up to 745,920 shares of MAII common stock at a purchase price of $3.00 per share. "I am excited about the coming year and look forward to building and growing Car Rental Direct," continued Mr. Tyler. "We currently have approximately $8 million in cash (over $2.10 per share), which is more than adequate to meet our growth objectives. Car Rental Direct is in an excellent position to grow and become very profitable next year." Mr. Tyler further said that the Company is currently interviewing persons to join its Board of Directors. "These persons are primarily in the auto-related and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. businesses," said Mr. Tyler. This press release contains forward-looking information. The 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. are made pursuant to the safe harbor 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. provisions of 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. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange. |
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