Southern States Sign Company Completes Reverse Merger Transaction
with Conte Rosso & Partners S.r.l.
NEW YORK, Nov. 13, 2012 /PRNewswire/ -- Southern
States Sign Company (OTC Bulletin Board: SOST) announced today that
on November 1, 2012 it consummated a
"reverse merger" with Conte Rosso & Partners S.r.l, an Italian
limited liability company ("CR&P"), in which the Company
acquired all of the assets of CR&P (the "Merger").
Prior to the consummation of the Merger, the Company was not
engaged in any trade or business. CR&P is active in the
hospitality business and currently owns five top class boutique
hotels in Italy. Following the Merger, the Company will own
and operate the hospitality business related to CR&P's five
boutique hotels. In addition, the Company has added the
following new directors to its board of directors: Mr. Marco Milli, Mr. Charles
Gargano and Ms. Dorothy (Dottie)
Herman.
Antonio Conte, Chief Executive,
said, "We intend to build an international hotel group owning high
quality boutique and other hotels where we can bring the Italian
style to bear to create a special experience. We have
identified a number of Italian and international opportunities to
simply acquire exciting properties but also where development will
significantly enhance their attractiveness. Our team is
geared up to move us forward rapidly and to create real value."
Additional information regarding the Merger and the new
directors are set forth in the Company's Current Report on Form 8-K
filed with the Securities and Exchange Commission on November 7, 2012.
About Conte Rosso & Partners S.r.l
CR&P is
involved in the hospitality business. CR&P currently
owns hotels and resorts in Padova, Italy, Rome,
Italy and Ostuni Brindisi, Italy. Collectively, these properties feature
approximately 520 hotel rooms and suites as well as restaurants,
conference rooms, spas and golf courses. The portfolio of hotel
properties provides CR&P with a diverse geographic footprint
across Italy. CR&P's mission is to invest in upscale and
luxury hotel properties in Italy
and abroad where CR&P can exploit management's long term
experience in providing authentic Italian hospitality.
Forward-Looking Statements
This press release contains
"forward-looking statements." Although the forward-looking
statements in this release reflect the good faith judgment of
management, forward-looking statements are inherently subject to
known and unknown risks and uncertainties that may cause actual
results to be materially different from those discussed in these
forward-looking statements. Readers are urged to carefully review
and consider the various disclosures made by us in our reports
filed with the Securities and Exchange Commission, including the
risk factors that attempt to advise interested parties of the risks
that may affect our business, financial condition, results of
operation and cash flows. If one or more of these risks or
uncertainties materialize, or if the underlying assumptions prove
incorrect, our actual results may vary materially from those
expected or projected. Readers are urged not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this release. We assume no obligation to
update any forward-looking statements in order to reflect any event
or circumstance that may arise after the date of this release.
SOURCE Southern States Sign Company