Revenge Marine Announces Restructuring.TULSA, Okla.--(BUSINESS WIRE)--Oct. 27, 1998--William C. Robinson, Executive Vice President of Revenge Marine, Inc., a Nevada Corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. (the "Company") today announced a restructuring plan. Under the plan, the Company will divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. itself of its marine assets through the sale of those assets to Revenge Marine, Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. ("Revenge Delaware"). The company's management recently formed Revenge Delaware. It is anticipated that the marine assets will be sold to the new Delaware Corporation. The Company has engaged outside experts to assist in the proper valuation and structuring of this sale. This will allow the Company to explore a variety of other potential acquisitions. It also anticipates that Revenge Delaware will be positioned following the asset acquisition to seek further financing from a variety of equity and debt sources. Although the form of the sale has not been determined, the Company intends that its shareholders will receive a stake in Revenge Delaware while maintaining their present holdings in the Company. The Company intends that its shareholders will participate in the potential of Revenge Delaware as well as in the value that could be built through the Company's other potential acquisition activities. Revenge Delaware exercised the company's option to purchase the assets of BYC BYC British Youth Council BYC Bellingham Yacht Club (Bellingham, WA) BYC Britannia Yacht Club (Ottawa) BYC Base Year Compensation (NBA) Acquisition Corporation, the owner of Blackfin Yachts. Revenge Delaware closed the acquisition on Friday, October 23, 1998. Concurrently with the closing of the Blackfin transaction, Revenge Delaware completed a $2.1 million loan with Finova Financial Corporation. The Company was a co-borrower in this transaction and certain members of management and large shareholders of the Company were required to personally guarantee the repayment of the Finova loan. This move is part of a planned restructuring being implemented by management. The infusion of this capital into the Company is very important at a critical time in its rapid growth. This restructuring is designed to increase shareholder value and to create market support for the companies stock. Additionally, the restructuring will allow the Company to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. its efforts in increasing the asset base of the company and will allow it to seek additional opportunities for revenue growth. In an effort to recruit board members with direct industry experience two of the founders recently resigned to pursue other business interests. Marvin Loeb and Donald Baker Donald Floyd Baker (April 24, 1947 - December 1, 2000) was leading Gay Rights leader. He challenged Texas Penal Code 21.06 in the case Baker v. Wade. Penal Code 21.06 states "A person commits an offense if he [or she] engages in deviate sexual intercourse with another individual announced their resignations. Marvin and Donald have been instrumental in guiding us through our initial formation stages, however now is the time to focus on specific industry directions. " We are currently interviewing industry specialists to guide us through our next phase of growth." Stated William Robinson William Robinson, or Will Robinson or Bill Robinson or other nicknames, may refer to:
Don Mitchell Don Mitchell may refer to:
syn·er·gism n. Synergy. synergism of our companies efforts, in addition to the completion of our targeted acquisitions, will allow us to quickly implement our diversified diversified (di·verˑ·s growth plan. The boating industry demands the highest quality and most advanced innovative new designs. "The assignment of the BYC Acquisition Corporation to the new Affiliate Company allowed us to complete the acquisition of Blackfin giving us an integral piece in our growing family of high quality, world renowned products." Mr. Mitchell further stated that response to the Blackfin products has been overwhelming, with orders expected in excess of the companies first year projections. The Company is a development-stage Nevada holding company with long-range plans for increasing its shareholder value through the acquisition of established marine and emerging technology companies. Information in this press release contains "forward looking statements". These statements involve risks and uncertainties that could cause actual results to differ materially. There is no assurance the above described transaction will be completed. There can be no assurance of the ability of the company to achieve sales goals, obtain contracts or financing, consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. acquisitions or achieve profitability in the future. |
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