ENCOUNTER DEVELOPMENT TECHNOLOGIES INC. ANNOUNCES A CHANGE IN CONTROL, NEW MANAGEMENT, AND CORPORATE RESTRUCTURING
Dec 27, 2013
OTC Disclosure & News Service
Rochester, NY -
The Board of Directors of Encounter Development Technologies Inc., a Colorado corporation (US.ENTI.PK), is pleased to announce that a change in the company's control occurred on December 15, 2013; whereby, Electronic Merchant Systems Rochester, Inc., a New York corporation ("EMS"), and First Hudson Trust of New York, a Massachusetts trust formed and operating under the laws of the State of Oklahoma ("First Hudson"), acquired all of the company's issued and outstanding shares of Series A Preferred Stock from Carrie Cosner, the company's former Chairman of the Board. The terms of the transaction were not immediately disclosed, however, Randolph S. Hudson, the company's newly appointed Chairman of the Board, President, and Chief Executive Officer, stated "the terms of the transaction and all other pertinent information relating to the company's former, current, and planned activities will be included on a current report, which the company expects to file with OTC Markets and the Securities and Exchange Commission by the end of January 2014".
The company's board of directors is grateful to Mrs. Cosner for her efforts, following her appointment as the company's chairperson, president, and chief executive officer, to make the company's administration and operations more "transparent" to its shareholders and investors, and for having taken the time go out-of-pocket to fund the company to advance it toward its next stage of development. Mrs. Cosner remains as one of the company's common stockholders as the result of her sizable (open market) investment in the company during the past few years.
EMS and First Hudson intend to reposition the company as a real estate holding company. "Following an exhaustive review of the company's assets, business, and operations, or lack thereof, EMS and First Hudson have decided to focus the company's business through the ownership and operation of commercial and residential real estate assets that are located throughout the United States" said Mr. Hudson. He continued by saying "EMS and First Hudson are principally concerned with the contributions of the company's shareholders; however, the further development of the company will not occur overnight but will be accomplished under a comprehensive and strategic plan of restructuring that will continue through the first calendar quarter of 2014 to aid the company's shareholders, investors, and others having business with it."
Michael P. Grande, the company's vice-chairman (and the Chairman of the Board, President, and Chief Executive Officer of EMS) said "Our first priority is to resolve administrative issues associated with the company's neglect or failure to file its reports with various regulatory and self-regulatory agencies and to position the company to engage in a solid business organization that won't include 'smoke and mirrors', and that will benefit the company's shareholders and investors under a consistent program in the long-term." Mr. Grande added, "following the due-diligence by EMS and First Hudson, Randy and I determined that there will be no need to file bankruptcy on Encounter, or any of the other companies in our group, and that all of the issues that need to be addressed, can be accomplished through non-bankruptcy restructuring programs."
Dean M. Denton, the company's Senior Vice-President and Chief Administrative Officer added "we must take every step following this change in control to access the company's books and records that are not in the custody of the company, to determine what the company needs to do to bring its delinquent reports and official notifications current, and to establish a system of administrative controls and procedures, not just to repair the past insufficiencies, but to build a solid foundation upon which to maintain the company's reporting (to its shareholders and regulators) and subsequent development."
Encounter is one in a group of five publicly traded companies that, eventually (on a date in calendar 2014), will operate under a Cayman-Islands-based holding company, controlled by EMS and First Hudson, which, itself, will be publicly traded. Each subsidiary will continue to trade its shares for the benefit of its respective shareholders.
The affiliated companies will be engaged in the businesses of entertainment, consulting, credit card merchant acquisitions, and a credit union. Aside from the credit union conducting an IPO under First Intercity Bancsystems, Inc., the other affiliates to-date are Real American Capital Corporation (US.RLAB.PK) and Oncology Med, Inc. (US.ONCO.PK).
For further information on Encounter and First Intercity, please contact Mr. Hudson at (585) 329-3581. For further information on Real American Capital and Oncology Med, please contact Mr. Grande at (585) 967-3198.
Certain of the statements made by the company and its senior executive management are "forward-looking". To that extent, the company seeks safe harbor for its forward-looking statements pursuant to the Private Securities Litigation Reform Act of 1995.
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Dec 27, 2013
OTC Disclosure & News Service
Rochester, NY -
The Board of Directors of Encounter Development Technologies Inc., a Colorado corporation (US.ENTI.PK), is pleased to announce that a change in the company's control occurred on December 15, 2013; whereby, Electronic Merchant Systems Rochester, Inc., a New York corporation ("EMS"), and First Hudson Trust of New York, a Massachusetts trust formed and operating under the laws of the State of Oklahoma ("First Hudson"), acquired all of the company's issued and outstanding shares of Series A Preferred Stock from Carrie Cosner, the company's former Chairman of the Board. The terms of the transaction were not immediately disclosed, however, Randolph S. Hudson, the company's newly appointed Chairman of the Board, President, and Chief Executive Officer, stated "the terms of the transaction and all other pertinent information relating to the company's former, current, and planned activities will be included on a current report, which the company expects to file with OTC Markets and the Securities and Exchange Commission by the end of January 2014".
The company's board of directors is grateful to Mrs. Cosner for her efforts, following her appointment as the company's chairperson, president, and chief executive officer, to make the company's administration and operations more "transparent" to its shareholders and investors, and for having taken the time go out-of-pocket to fund the company to advance it toward its next stage of development. Mrs. Cosner remains as one of the company's common stockholders as the result of her sizable (open market) investment in the company during the past few years.
EMS and First Hudson intend to reposition the company as a real estate holding company. "Following an exhaustive review of the company's assets, business, and operations, or lack thereof, EMS and First Hudson have decided to focus the company's business through the ownership and operation of commercial and residential real estate assets that are located throughout the United States" said Mr. Hudson. He continued by saying "EMS and First Hudson are principally concerned with the contributions of the company's shareholders; however, the further development of the company will not occur overnight but will be accomplished under a comprehensive and strategic plan of restructuring that will continue through the first calendar quarter of 2014 to aid the company's shareholders, investors, and others having business with it."
Michael P. Grande, the company's vice-chairman (and the Chairman of the Board, President, and Chief Executive Officer of EMS) said "Our first priority is to resolve administrative issues associated with the company's neglect or failure to file its reports with various regulatory and self-regulatory agencies and to position the company to engage in a solid business organization that won't include 'smoke and mirrors', and that will benefit the company's shareholders and investors under a consistent program in the long-term." Mr. Grande added, "following the due-diligence by EMS and First Hudson, Randy and I determined that there will be no need to file bankruptcy on Encounter, or any of the other companies in our group, and that all of the issues that need to be addressed, can be accomplished through non-bankruptcy restructuring programs."
Dean M. Denton, the company's Senior Vice-President and Chief Administrative Officer added "we must take every step following this change in control to access the company's books and records that are not in the custody of the company, to determine what the company needs to do to bring its delinquent reports and official notifications current, and to establish a system of administrative controls and procedures, not just to repair the past insufficiencies, but to build a solid foundation upon which to maintain the company's reporting (to its shareholders and regulators) and subsequent development."
Encounter is one in a group of five publicly traded companies that, eventually (on a date in calendar 2014), will operate under a Cayman-Islands-based holding company, controlled by EMS and First Hudson, which, itself, will be publicly traded. Each subsidiary will continue to trade its shares for the benefit of its respective shareholders.
The affiliated companies will be engaged in the businesses of entertainment, consulting, credit card merchant acquisitions, and a credit union. Aside from the credit union conducting an IPO under First Intercity Bancsystems, Inc., the other affiliates to-date are Real American Capital Corporation (US.RLAB.PK) and Oncology Med, Inc. (US.ONCO.PK).
For further information on Encounter and First Intercity, please contact Mr. Hudson at (585) 329-3581. For further information on Real American Capital and Oncology Med, please contact Mr. Grande at (585) 967-3198.
Certain of the statements made by the company and its senior executive management are "forward-looking". To that extent, the company seeks safe harbor for its forward-looking statements pursuant to the Private Securities Litigation Reform Act of 1995.
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
