IRVINE, Calif., Sept. 20, 2002 (PRIMEZONE) -- E. G. Marchi of Resource Asset Management Corporation (OTCBB:RAMG) announced today that the Corporation had rescinded the acquisition of Southwick Management, Inc. that was announced in April of this year.
E. G. Marchi, on behalf of Resource Asset Management (RAM) Corporation, stated, "All parties decided it was in the best interest of the shareholders of both entities for the companies to pursue separate paths, however the possibility of undertaking a joint venture of the Mexican timber operations with AmeraMex is being considered to accommodate the direct investment that RAM Corporation has made in furthering those operations."
Mr. Marchi went on to say, "As part of this rescission, Mr. Layton and Mr. Behling have tendered their resignations from the Resource Asset Management Board of Directors, subject to their acceptance by the Board, and returned to the Corporation 2,000,000 shares of RAM Corporation Common Stock and 1,000,000 shares of Class A Preferred Stock."
Mr. Marchi reported that the Corporation was further advised by AMFS Limited that AMFS had recently terminated its non-issuer transaction in the form of a share exchange agreement with Mssrs. Behling and Layton (referred to in a previous 8-K filing by RAM Corporation). Under that agreement Behling and Layton were to receive 2,700,000 shares of RAM Corporation common stock from AMFS in exchange for their holdings of 17,000,000 shares of AmeraMex International, Inc., subject to AmeraMex being audited by August 31, 2002, and since no such audit was completed, the exchange agreement was terminated by mutual consent.
A number of statements contained in this Report are forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of company products and related technologies, competitive market conditions, the ability to secure additional sources of financing, and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results the Company achieves may differ due to such risks.