Novation Holdings (NOHO) Announces End of Development Stage Status
Jul 16, 2013 (ACCESSWIRE via COMTEX) -- BOCA RATON, FL, July 16, 2013 - (eTeligis via ACCESSWIRE) - Novation Holdings (OTCQB: NOHO) today announced that it has determined that it is no longer a development stage company and that it will now file its periodic SEC reports as a regular, full reporting public company. According to Michael Gelmon, Chairman and CEO of NOHO: "As a result of our acquisitions of several operating subsidiaries at the beginning of this calendar year, and the integration of their operations, we expect to report a slight net profit for the quarter ended May 31, 2013 and hope to also reflect a net profit for the full year ending August 31, 2013. That, coupled with our more recent acquisitions of controlling interests in two other public companies, puts us on track for the next fiscal year, and a positive return for our shareholders."
NOHO is an operating holding company with subsidiaries in the ISP business (Burgoyne Internet Services, Inc.), in language immersion for children (Casita de los Ninos, LLC, a California limited liability company doing business as Immersion House ( www.immersionhouse.com )) and in administrative and financial management (Novation Consulting Services, Inc.). In addition, NOHO holds a controlling interest in Crown City Pictures, Inc. which is the parent company of StarPoint USA, Inc. and in Solar Energy Initiatives, Inc., which operates in the solar energy space and has a wholly-owned restaurant operating subsidiary.
StarPoint USA, Inc. is a U.S. based vehicle distribution company that has a proven track record that is not exclusive to any specific vehicle brand, which allows it to distribute a number of different brands and models in the U.S. market. As part of its ongoing business, StarPoint has been the exclusive distributor of Daewoo vehicles and Genuine Daewoo Parts to the U.S. market since 1998. A total of 188,000 Daewoo brand vehicles (Leganza, Nubira and Lanos models) were distributed from 1998 through 2002. Today, StarPoint continues to provide both Warranty Administration and Genuine Daewoo Parts to approximately 80,000 remaining Daewoo owners in the US. StarPoint is currently negotiating US distribution rights to electric transit buses and LNG powered vehicles.
Novation Consulting Services, Inc., the administrative subsidiary of NOHO, also provides in-house financial services, including accounting, bookkeeping, budget, financial statement preparation, preparation of SEC periodic filings, EDGAR filing conversion, XBLR filings, banking support and similar services, as well as "in-house" corporate counsel services, compensation management support, HR, IT support and other such services to NOHO as well as to its controlled public affiliates and to other unrelated public companies.
FORWARD LOOKING STATEMENT
Certain statements contained herein and subsequent oral statements made by and on behalf of Novation Holdings, Inc. may contain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are identified by words such as "intends", "anticipates", "believes", "expects", and "hopes" and includes, without limitation, statements regarding Novation Holdings, Inc.'s plan of business operations, product research and development activities, anticipated revenues and expenses and potential contractual arrangements and obligations. Also, our management may make forward-looking statements orally to investors, analysts, the media and others. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These risks and others are included from time to time in documents we file with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on our future results. Accordingly, you should not place undue reliance on these forward-looking statements. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company undertakes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov .
Contact:
Novation Holdings, Inc.
Media Department
media@novationholdings.com
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