American Seniors Association Holding Group, Inc. Announces Spin-Off of Subsidiaries and Related Debt
December 10 2010 - 3:00PM
Marketwired
American Seniors Association Holding Group, Inc. (PINKSHEETS: AMSA)
announced today it had filed for FINRA approval of the spin-off of
the company's two wholly owned subsidiaries, Kiosk Food Solutions,
Inc and Eddy Chan's, Inc. in accordance with an agreement signed in
December 2009. The spin-offs will also include the long term
convertible debt associated with the transaction. Upon the
anticipated approval from FINRA, all privately held shares of the
subsidiaries will be distributed to the shareholders of ASF Group
prior to the merger.
The company also announced it had issued thirty million shares
of AMSA common stock to Twenty First Century Alliance Trust to
retire certain past due long-term debt obligations and for past and
present services provided by the Trust and its affiliates.
Stuart Barton, AMSA's President, said, "Century has been an
invaluable ally and an integral part of the growth of American
Seniors and their ongoing efforts are critical to the success of
our endeavors. As part of our obligations under the terms of the
recently announced agreement with the 60 Plus Organization, we have
the enormous task of contacting their over five million member
households. They continue to be an integral ally as we identify and
negotiate with potential funding partners for this task and they
recently evidenced their commitment to our success by providing an
additional $146,000 in short term financing to AMSA. We look
forward to their continued assistance and support."
Mr. Barton also noted, "We wish to emphasize that with the
successful divestiture of the subsidiaries and their related debt
and the elimination of the Century debt, American Seniors
Association Holding Group, Inc. will be virtually free of all long
term debt going forward. This is an important foundation for our
further expansion."
Please email info@americanseniors.org or call 1-800-951-0017 to
speak with an AMSA representative about any questions or comments
you may have regarding the American Seniors Association or American
Seniors Association Holding Group, Inc.
About American Seniors Association Holding
Group, Inc.
American Seniors Association Holding Group, Inc, based in
Atlanta, Georgia, operates under the trade name of the American
Seniors Association. The American Seniors Association is a
conservative oriented membership organization that offers
discounted products and services to Its members throughout the
United States. These services and products are offered by national
and global partners such as CVS Pharmacy, Liberty Mutual Insurance,
Bankers Fidelity, Hertz and Penske among others. Please visit
americanseniors.org for additional information or to become a
member.
The Company also has two wholly-owned subsidiaries, Kiosk Food
Solutions, Inc. and Eddy Chan's, Inc., which it has previously
announced will be spun off via a share distribution per the merger
agreement with ASF Group, Inc.
Safe Harbor Statement Certain statements
set forth in this press release constitute "forward-looking
statements." Forward-looking statements include, without
limitation, any statement that may predict, forecast, indicate, or
imply future results, performance or achievements, and may contain
the words "estimate," "project," "intend," "forecast,"
"anticipate," "plan," "planning," "expect," "believe," "will
likely," "should," "could," "would," "may" or words or expressions
of similar meaning. Such statements are not guarantees of future
performance and are subject to risks and uncertainties that could
cause the company's actual results and financial position to differ
materially from those included within the forward-looking
statements. Forward-looking statements involve risks and
uncertainties, including those relating to the Company's ability to
grow its business. Actual results may differ materially from the
results predicted and reported results should not be considered as
an indication of future performance. The potential risks and
uncertainties include, among others, the Company's limited
operating history, the limited financial resources, domestic or
global economic conditions -- activities of competitors and the
presence of new or additional competition and conditions of equity
markets.
Contact: American Seniors Association 800-951-0017
info@americanseniors.org
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