National Automation Services, Inc. and Shareholders Partner to Organize Turnaround
May 01 2013 - 1:30PM
Marketwired
National Automation Services, Inc. ("NAS") (OTCQB: NASV) today
announces new developments and a future outlook for the Company.
Over the past few months, NAS executives, working with core NAS
shareholders, have developed a new business model, which addresses
past obstacles and provides for sustainable growth. Together, these
shareholders represent several million dollars of cash invested
into the Company, which means they have a vested interest in seeing
NAS achieve a more stable financial footing. At the heart of the
new plan is a multi-stage capitalization mechanism, enabling NAS to
achieve a position of self-funding as well as be more attractive to
institutional financing. The Company will no longer rely
exclusively on third-party funding sources, which historically have
not been supportive. Stage I of the new plan, which is currently
being implemented, is projected to stabilize the Company's
financial position and restore its fully reporting status with the
SEC.
On April 16, 2013, the past due 10-Q for Q3 2012 was filed,
prompting the OTC Markets to remove the "stop" warning sign from
the NASV quotation. Presently, the Company's independent auditor
and the NAS accounting staff are preparing the 10-K report for
fiscal year 2012, which when filed, will be followed by the filing
of the Q1 2013 10-Q. This will bring the NAS into a fully compliant
status with the SEC, providing prospective investors with a greater
assurance of full disclosure of the NAS business activities.
As the Company quickly moves into a fully reporting status,
Stage II of the new plan will be implemented. Here, the Company has
created a financing mechanism, which enables NAS to self-fund its
acquisition program. This is a significant difference from the
past, where the Company's acquisition program had been scuttled by
predatory lenders and other funding entities that plunder low cap
companies hungry for capital. In Stage II of its new business plan,
NAS will raise capital internally building reserves to enable it to
commit to and close on targeted acquisitions. In this way, it will
not have to rely on traditional third-party funders, and it will
empower more self-determination in the pursuit of its acquisition
business building goals.
Teaming up to guide the new NAS is a reconstituted Board of
Directors, whose skill sets and objectives are fully aligned with
the new business model. As noted in the Company's 8-K filed May 1,
2013, Jody Hanley, Manuel Ruiz and Robert O'Conner have resigned.
Bob Chance and Jeremy Briggs will remain as Board members and has
been joined by a new member Sean Sego. Mr. Sego, a graduate from
Indiana State University, brings many years of experience in the
Financial Services Industry including Ameriprise Financial
Services, Waddell and Reed and now serving as Senior Partner at
Intrinsic Value Capital Management.
Mr. Sego stated: "I am excited about the opportunity of serving
on the Board of Directors of NAS as I believe the Company now has a
solid plan in place for growth. With my background I feel I can
become an asset not only to the Board but also the Investment
Community that has entrusted us with their investment."
For more information: National Automation Services, Inc. Email
Contact