RAMOIL MANAGEMENT, LTD. (OTCPINK: RAMO) Announces Its Termination of the Acquisition Agreement With Terlyn Technologies, Inc.
April 09 2014 - 4:09PM
Marketwired
RAMOIL MANAGEMENT, LTD. (OTCPINK: RAMO) Announces Its Termination
of the Acquisition Agreement With Terlyn Technologies, Inc.
CLEARWATER, FL--(Marketwired - Apr 9, 2014) - RAMOIL MANAGEMENT,
Ltd (OTC Pink: RAMO) (PINKSHEETS: RAMO), announces that it has
terminated the acquisition of Terlyn Technologies, Inc.
In connection with the termination of the acquisition, Lynn
Rushmore and Terence Rushmore have resigned from their positions as
officers and directors and have returned the stock they received in
the acquisition to its original owner. Also, Lynn Rushmore has
cancelled his convertible promissory note due from the Company and
James D. Schivley has cancelled his consulting agreement and
resigned as a director.
Finally, Michael J. Goeree has been reinstated as Ramoil
Management's Chairman, President and Chief Executive Officer
(CEO). Mr. Goeree stated: "I believe the Terlyn Technologies
business will be treated as discontinued operations, as we take the
Company's business in a new direction. We intend to implement
a new business model over the next 30 days. During this
period, all restructuring scenarios will be considered, if deemed
necessary."
About Ramoil Management, Ltd.
Ramoil Management, Ltd. (RAMO) is a development stage
company. The company has identified a new business direction
and will be announcing this in the near future.
Forward Looking Statements:
This news release contains forward-looking statements made by
RAMOIL MANAGEMENT, LTD. in reliance upon the safe harbor provisions
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All such statements included in
this press release, other than statements of historical fact, are
forward-looking statements. Although Management believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to have been correct. Actual results may differ materially
from those indicated by these statements. The following risk
factors, among others, could cause actual results to differ
materially from those described in any forward-looking statements.
These risks and uncertainties include, but are not limited to,
economic conditions, changes in the law or regulations, demand for
products and services of the company, the effects of competition
and other factors that could cause actual results to differ
materially from those projected or represented in the forward
looking statements. Forward-looking statements are typically
identified by the words: believe, expect, anticipate, intend,
estimate, and similar expressions or which by their nature refer to
future events.
Company and Investor Relations Contact: Frank Blainey, Esq.
+1-702-381-1961 Ramoilir@gmail.com
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