American Community Development Group, Inc. and Wialan Technologies, Inc. Complete Merger Transaction
August 29 2013 - 2:54PM
Marketwired
American Community Development Group, Inc. (OTC Pink: ACYD) (or the
"Company") is pleased to announce today that it has been acquired
by Wialan Technologies LLC, ("Wialan") and that the officers and
directors of Wialan have assumed control over the company as of
today's date. A conference call with the new management team will
be held for ACYD/Wialan shareholders with a tentative date of
September 12, 2013, more details on the conference call to follow
on the website (www.wialan.com).
The newly formed company will continue operations as Wialan
Technologies, LLC but will continue to be traded as "ACYD" until
new registration is made with the Securities and Exchange
Commission to formally change the operating and trading name to
Wialan Technologies, Inc.
Wialan's existing executive management team which is comprised
of Timothy Peabody, Chief Executive Officer; Michael P Connor,
special advisor and Victor Tapia, Vice President will remain in
place post acquisition. Effective August 29, 2013, John Folger
former President and Chief Executive Officer of the Company and
Alan Bailey former Chief Financial Officer have resigned as
officers of the company.
An equity line financing agreement has been entered into by
Wialan with an internationally known finance company which will
provide Wialan with access to US$10,000,000 in funding. Wialan will
use funds from this investment agreement to fund its expansion
strategy.
"The successful completion of the merger represents a major
milestone for Wialan, we are positioned for growth," commented
Timothy Peabody, Chief Executive Officer. "The Equity Line Facility
will allow us to access funds to continue our expansion in the
current markets and enter into new markets domestic as well as
international. I look forward to updating our shareholders on our
progress and milestones in the future," concluded Mr. Peabody.
About Wialan Technologies
Wialan, a next generation Wireless telecommunications provider,
is poised for exponential growth from their 5 years of successful
R&D, sales and installations of their impressive WIFI solutions
spanning 10 countries. They have established a track record of
successful installations in airports, municipalities, apartment
buildings, parks, marinas and other locations that require a
superior and more robust communication footprint than conventional
WIFI providers. Among the outstanding features available with
Wialan's wireless 802.11n 300 Mbps solutions is the capability of
real-time live color video streaming for many simultaneous
end-users, which can help companies with video on demand services,
like Netflix, to deliver their services wireless without using the
Internet.
About Timothy Peabody
For the past ten years, Mr. Peabody has been an investor and an
executive in the wireless technology arena including involvement
with ISAT Platform, Inc. a satellite internet technology company
located in Orlando, Florida. Mr. Peabody also served as the Chief
Executive Officer for Starconnect, LLC, a satellite internet
technology company located in Clearwater Beach and Sunrise,
Florida.
About Victor Tapia
For the past twenty seven years, Mr. Tapia has been involved in
the field of telecommunications, including fifteen years with GTE
(now Verizon), six years with Pairgain Technologies as Director of
Sales for Latin America and the Caribbean, and three years with New
World Network (now Columbus Networks) as Executive Vice President
of Sales. Recently, Mr. Tapia has been involved with various
wireless technology companies, including ISAT Platform, Inc. as
Executive Vice President of Sales for Latin America and the
Caribbean, co-founder and Chief Operating Officer of Starconnect,
LLC, and co-founder of Wialan Technologies
About Michael Connor
Mike is founder, President and CEO of Paradise Development
Group, Inc. in Florida. He leads all aspects of Paradise's
strategic planning. In addition to cultivating and managing key
retail relationships, Mike oversees the financing and capital
structures of Paradise's projects nationwide and manages the
company's equity partner relationships.
Safe Harbor: Except for historical information contained herein,
the statements in this press release are forward-looking statements
that are made pursuant to the safe harbor provisions of the Private
Securities Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties, which may cause the
company's actual results in future periods to differ materially
from forecasted results. These risks and uncertainties include,
among other things, product price volatility, product demand,
market competition, risk inherent in the company's domestic and
international operations, imprecision in estimating product
reserves and the company's ability to replace and expand its
holdings. For additional information, visit the websites below or
contact the undersigned directly:
Wialan Technologies LLC http://www.wialan.com Timothy Peabody
Chief Executive Officer Phone: 888-407-7762 Email:
partners@wialan.com
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