North American Resorts Inc. closes agreement with American Clinical Labs Inc.ORLANDO, Fla.--(BUSINESS WIRE)--Oct. 8, 1996--North American Resorts Inc. ("North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. ") (EBB:NIAR NIAR National Institute for Aviation Research (Wichita, KS) NIAR National Institute of Amateur Radio (Hyderabad, India) NIAR National Institute of Agrobiological Research (Japan) ), a publicly traded vacation ownership management company located in Orlando, announced Tuesday that it closed an agreement it entered on Sept. 3, 1996 with American Clinical Labs Inc., a Florida corporation located in Lakeland, Fla. ("ACL See access control list. 1. ACL - Access Control List. 2. ACL - Association for Computational Linguistics. 3. ACL - A Coroutine Language. A Pascal-based implementation of coroutines. ["Coroutines", C.D. "). Under the terms of the agreement, North American acquired substantially all of the assets of ACL in exchange for shares of the common stock of North American. ACL transferred and delivered to North American assets equivalent to 1,162,440 shares of common stock of EVRO Corp., a Florida corporation traded on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on , and various notes receivable totaling $202,000. North American issued to ACL common stock of North American so that ACL owns 51% of the outstanding shares of North American. It is the intention of ACL to distribute the North American shares to its shareholders at a future date. Under the terms of the agreement, Brian A. Nelson, Gary A. Larvinson, and Holley Rogers resigned as officers and directors of North American. Max P. Cawal was nominated to the board, and named chairman. Cawal was also named chief executive officer. Richard J. Diamond was also nominated as a director, and named vice president and secretary. Donald R. Mastropietro was named chief financial officer, president and treasurer. Cawal, the new 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 North American, stated: "I'm very excited to be part of North American. This transaction will provide North American sufficient liquidity, through the sale of the newly acquired assets, to move forward with our business plan to develop Cypress Island and continue with our expansion efforts in the area of vacation membership sales. We are also very excited with the progress in our negotiations with an Internet services provider to offer all of our products and services to end-users via the internet." North American is in the business of marketing vacation club memberships, timeshare A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. sales, resort development, and owns a fully licensed travel services company. It also currently operates Cypress Island, a tourist attraction Noun 1. tourist attraction - a characteristic that attracts tourists attractive feature, magnet, attractor, attracter, attraction - a characteristic that provides pleasure and attracts; "flowers are an attractor for bees" located 11 miles from Disney World in Orlando. The corporate offices of North American are located at 315 East Robinson Street, Suite 190, Orlando, FL 32801. CONTACT: North American Resorts Inc., Orlando Shareholder Relations, 407/841-1917 or Harry Stone, Corporate Investor Noun 1. corporate investor - a company that invests in (acquires control of) other companies company - an institution created to conduct business; "he only invests in large well-established companies"; "he started the company in his garage" Relations 800/340-0123 |
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