HOUSTON, June 17, 2002 (PRIMEZONE) -- Mr. Thomas John Cloud, Jr., the new CEO and President of Supreme Hospitality (formerly based in Temecula, California) filed the company's Form 8K with the Securities and Exchanges Commission on June 6, 2002 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (OTCBB:SUHO).
Item one of the Form states, in part, that on May 28, 2002, United Managers Group, Inc., a Texas corporation, purchased 3,000,000 common shares from Ms. Louise Davis and an additional 2,710,000 common shares from Mr. Harrel Davis for a cost of $150,000.00 total. The 5,710,000 common shares represent 67% of the outstanding 8,547,000 common shares.
Item two of the Form states that Mr. Larry W. Lang, Director of Supreme Hospitality, on the same day and without any disagreement with the Company, appointed Thomas John Cloud, Jr. and Robert Joseph Wilson as incoming Directors of Supreme Hospitality, and Mr. Lang resigned as Director of Supreme Hospitality; he also resigned his positions as President, Secretary and Treasurer of the corporation.
The new board then elected Mr. Thomas John Cloud, Jr. as President and CEO of the Corporation and Mr. Robert Joseph Wilson as Secretary/Treasurer and CFO of the Corporation.
According to the new CEO and President, Mr. Thomas John Cloud, Jr., the former director, Mr. Lang, had agreed to sell the Temecula hotel when the company realized it was unable to raise capital in the time required to pay off the defaults of loans and back taxes.
"The Temecula Hotel represented the one single asset the company held," Mr. Cloud stated, "With the change of management and the direction of the new major shareholders, Supreme Hospitality will not change industries but will broaden its scope to seeking corporate merger opportunities and new ways of creating value to its stock."
About The Company:
Supreme Hospitality has a total of 8,547,000 outstanding common shares with 1,000,000 free trading shares in the float. The shares have traded at a high of $1.25 to a low of .15.
The new administrative office is located at 5065 Westheimer, Suite 840 Galleria Financial Center, Houston, Texas 77056, and the phone number is (713) 621.4799.
Certain statements about the Company's future expectations, including future revenues, earnings and transactions, as well as all other statements in the press release other than historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
Company Web site coming soon.