GREENWAY TECHNOLOGY Acquires Andalusian Resorts, LLC
October 25 2012 - 1:26PM
Marketwired
GREENWAY TECHNOLOGY (the "Company") (PINKSHEETS: GWYT) today
announced that it acquired Andalusian Resorts, LLC ("Andalusian")
as part of an overall transaction conveying control of the Company
to Bernard A. Fried. The Company acquired Andalusian for 2,000,000
shares of its preferred stock valued at $750,000. "We are thrilled
to acquire Andalusian," stated Kevin Holbert, the Company's former
CEO, who has agreed to remain on our Board of Directors and serve
as our Senior Vice President and Chief Operating Officer. Mr. Fried
added, "The transaction allows us to pursue a vast untapped upscale
market with significant financial potential."
Mr. Fried brings over thirty years of telecommunications,
Customer Relationship Management, and contact center experience in
entrepreneurial and enterprise settings to our Company. He has
applied his business development, operations and sales skills to
consult with Fortune 1000 and international companies in the US,
India, the Philippines and Australia. His clients have included,
American Electric Power, AT&T, Capital One, Telstra and Nippon
Telephone. From December 2000 through February 2010, Mr. Fried
owned and operated FCI Company, LLC (f/k/a Fried Consulting Group).
From July 2008 through July 2009, he also served as Managing
Director of Coronado Group, Inc. From February 2010 through April
2012, he served as President and COO and from April 2012 through
September 2012 as CEO of Flint Telecom Group, Inc., an
international telecom technology and services organization
delivering next-generation IP communications products and services.
He currently operates Andalusian Resorts, LLC ("Andalusian"), a
development stage company which intends to be engaged in the
operation an exclusive chain of resorts and spas.
Mr. Fried will devote his full time efforts towards the
Company's affairs, earning a base salary of $250,000, plus
additional compensation as determined by the Company's board of
directors. While Mr. Fried and the Company have not currently
entered into a formal employment agreement, it is anticipated that
such an agreement will be entered into in the near future. Mr.
Fried will be based out of the Company's new headquarters.
Mr. Fried currently owns 150,000,000 of our common shares and
10,000,000 of our convertible preferred shares and effectively
controls the affairs and management of the Company. Within the last
five years, Mr. Fried has not been the subject of any criminal or
administrative proceeding, does not have any family or other
relationship with any officer or director of the Company, has no
known conflicts with the Company and has not entered into and does
not plan on entering into any related party transaction with the
Company other than as set forth herein.
Mr. Fried envisions Andalusian to be a premier luxury boutique
hotel and resort chain catering specifically to the many
alternative lifestyles of men and women today. "We see our resorts
as a destination where exceptional care, attention to comfort and
detail and the comfort of our guests will be our ultimate
mission."
It is Mr. Fried's belief that current international hospitality
options afforded exclusively to gay and lesbian travelers are at
best, sub-standard. "Current properties offer one or two star
service for four or five star prices. We intend to offer the gay
and lesbian community a top flight experience that they will want
to identify with and make their own."
The Company intends to operate as Andalusian Resorts and Spas
with properties initially located in numerous cities throughout the
United States, with its first resorts targeted for Palm Springs, CA
and Las Vegas, NV. The Company is in contract negotiations in Palm
Springs and is in the process of completing negotiations for the
acquisition of the Las Vegas property. If and when negotiations are
concluded for both properties, both closings will be subject to
standard conditions including, but not limited to, completion of
due diligence and the availability of suitable financing, and are
expected to close within the fourth calendar quarter of 2012 or the
first calendar quarter of 2013. Both properties, to the extent
acquired, will require significant renovation to bring each
property to the Company's most stringent requirements and
standards.
Matters discussed in this press release contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements are based on various assumptions
and involve substantial risks and uncertainties, including, without
limitation, those relating to the integration of Andalusian into
our company, our ability to obtain financing necessary to do so,
the execution of its business plan and many other factors which may
or may not be beyond our control.
Greenway Technology Bernard A. Fried (702) 605-4301
ir@arsproud.com Investor Relations
Greenway Technology (CE) (USOTC:GWYT)
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