American Community Development Group, Inc. to Transition towards Technology Acquisition/ Merger
President Calls for a Special Shareholders Meeting
TAMPA, Fla., June 10, 2013 -- American Community Development Group, Inc. (OTC Pinksheets: ACYD) is pleased to announce that Judge Foster has overturned the wrongful termination of John Folger as Director, President and Chief Executive Officer, effective April 14,2013.
With Mr. Folger back in place as CEO, he has brought the Company current with OTC markets. Furthermore, in the recent months Mr. John Folger continued to work on a plan for reorganization, acquisitions and financing to improve the condition of the Company and to increase the value of the corporation to the benefit of the shareholders . While he believes that the launch of ACYD as originally envisioned made good economic sense, he also believes that in the interest of the shareholders it is better served by a completely new refreshed business plan and management team.
In consultation with several outside advisors, it has been determined that the best strategic direction for the Company is to merge with an existing and operating enterprise in a high growth market, preferably in the technology area. The Company has found such a candidate.
The shareholder of ACYD have been very patient with the management, and as now court confirmed Director, President and CEO, Mr. Folger believes that the best way to repay that patience is to deliver immediate value to the shareholders by consummating an immediate transaction .
The reinstatement of Mr. John Folger will now allow the Company to move forward, and to that end he has called for a special conference call meeting of the shareholders to be held on Thursday, June 20th at 5 PM EST. Mr. Folger will be joined on the call by several institutional investors that anticipate continuing support for the new direction of the Company.
The call-in number for the conference call will be announced by press release shortly. As usual, Mr. Folger will attempt to answer any questions submitted to him directly at jfolger@acdginc.com or johnfolger@earthlink.net.
The purpose of the meeting is to approve the new acquisition, finance plans and to increase the authorized common shares to facilitate the merger. The number of shares required will partially depend on the forward priced market. Any new acquisitions will also demand a new board of directors and the reversal of preferred shares.
Safe Harbor for Forward- Looking Statements : 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.
President Calls for a Special Shareholders Meeting
TAMPA, Fla., June 10, 2013 -- American Community Development Group, Inc. (OTC Pinksheets: ACYD) is pleased to announce that Judge Foster has overturned the wrongful termination of John Folger as Director, President and Chief Executive Officer, effective April 14,2013.
With Mr. Folger back in place as CEO, he has brought the Company current with OTC markets. Furthermore, in the recent months Mr. John Folger continued to work on a plan for reorganization, acquisitions and financing to improve the condition of the Company and to increase the value of the corporation to the benefit of the shareholders . While he believes that the launch of ACYD as originally envisioned made good economic sense, he also believes that in the interest of the shareholders it is better served by a completely new refreshed business plan and management team.
In consultation with several outside advisors, it has been determined that the best strategic direction for the Company is to merge with an existing and operating enterprise in a high growth market, preferably in the technology area. The Company has found such a candidate.
The shareholder of ACYD have been very patient with the management, and as now court confirmed Director, President and CEO, Mr. Folger believes that the best way to repay that patience is to deliver immediate value to the shareholders by consummating an immediate transaction .
The reinstatement of Mr. John Folger will now allow the Company to move forward, and to that end he has called for a special conference call meeting of the shareholders to be held on Thursday, June 20th at 5 PM EST. Mr. Folger will be joined on the call by several institutional investors that anticipate continuing support for the new direction of the Company.
The call-in number for the conference call will be announced by press release shortly. As usual, Mr. Folger will attempt to answer any questions submitted to him directly at jfolger@acdginc.com or johnfolger@earthlink.net.
The purpose of the meeting is to approve the new acquisition, finance plans and to increase the authorized common shares to facilitate the merger. The number of shares required will partially depend on the forward priced market. Any new acquisitions will also demand a new board of directors and the reversal of preferred shares.
Safe Harbor for Forward- Looking Statements : 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.
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