InterActive Leisure Systems Inc. Announces Results of Investigation Into $250,000 Note to Pacific Park Investments LLC
November 22 2013 - 1:35PM
Marketwired
InterActive Leisure Systems Inc. Announces Results of Investigation
Into $250,000 Note to Pacific Park Investments LLC
LONDON, UNITED KINGDOM--(Marketwired - Nov 22, 2013) -
InterActive Leisure Systems Inc. (OTC Pink: IALS) ("IALS")
has completed the investigation into a $250,000 note that the
company purportedly issued to Pacific Park Investments LLC on
October 3, 2009. The investigation revealed a number of facts
that lead to the conclusion that the note was fraudulent.
In April 2013 the former sole officer and director of Dukeshire
Ventures Inc., (the former name of IALS) signed off on a corporate
resolution to convert $33 thousand of the debt into 33 million
shares of the company's stock. At the time this corporate
resolution was signed the former sole officer and director of the
company was no longer serving in those positions, or any position,
at the company. This person also hid the fact that she had resigned
her position from the attorney who reviewed the deal and wrote the
opinion letter to the company's transfer agent who subsequently
issued the stock.
Based on the foregoing, IALS has sent notifications to the
recipients of the shares and requested the recipients to return the
shares to the company for cancellation. IALS will give the
recipients of the shares 180 days to return the shares before it
takes legal action to regain ownership of the shares.
The company also announced today the following status updates
concerning its previously announced acquisitions.
Travel Time Technologies, Inc. - After completing its due
diligence the company has decided not to go forward with this
acquisition.
Tech 7 Systems, Inc and T7 Acquisitions, Ltd. - As previously
announced these acquisitions are on hold pending the resolution of
the corporate issues discussed above and in the company's annual
report. IALS hopes to be able to proceed with these acquisitions in
the near future.
Purchase of Select Escapes family of domain names - This
acquisition is on hold pending the resolution of the corporate
issues discussed above and in the company's annual report. IALS
hopes to be able to proceed with these acquisitions in the near
future.
About InterActive Leisure Systems, Inc. Interactive Leisure
Systems Inc. is a technology company specializing in the global
travel industry. The company intends to purchase an enterprise
software platform for the marketing, sale and management of travel
products and to use this platform to operate three distinct
businesses. More information is available on the company's
website at www.interactiveleisuresystems.com.
Forward Looking Statement: This news release contains
forward-looking statements as defined by the Private Securities
Litigation Reform Act of 1995 - forward-looking statements
concerning plans, objectives, goals, strategies, future events of
performance and underlying assumptions and other statements which
are other than statements of historical facts. These statements are
subject to uncertainties and risks including, but not limited to,
product and services demand and acceptance, changes in technology
and in economic, political and regulatory conditions and to all of
the risks generally associated with a company at InterActive
Leisure Systems Inc.'s stage of development. All such forward
looking statements, whether written or oral, and whether made by or
on behalf of the company, are expressly qualified by these
cautionary statements. In addition, the Company disclaims any
obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof.
Contact Info: InterActive Leisure Systems, Inc. A113 Enterprise
House Bassingbourn Rd. Stanstead Airport Essex, ENG CM241QW United
Kingdom +44(20) 8749 2018 Website:
www.interactiveleisuresystems.com Email:
info@interactiveleisuresystems.com