LAS VEGAS, NV--(Marketwire - August 4, 2010) - Friendly Auto Dealers (
The Company entered into the Material Definitive Agreement with TMD Courses, Inc. on May 17, 2010. The agreement required a number of conditions be jointly satisfied prior to the closing date of July 31, 2010. When it became clear that the transaction could not be completed in accordance with the terms of the agreement, the Company determined to let the agreement lapse.
"It is unfortunate, but the Material Definitive Agreement did not close by July 31, 2010 as specified in the Agreement," stated Gerry Berg, President of Friendly Auto Dealers. "Therefore, based on the expiration of time the material definitive agreement terminated. The Company incurred no termination penalties as the result of the termination of the Material Definitive Agreement."
"Unfortunately we ran into obstacles that could not be overcome," Mr. Berg further stated, "and the Company will continue to focus its attention to new directions and new opportunities that will be in the best interests of the shareholders."
In an unrelated matter, Mr. Berg noted the Company's filing on Form 8-K on August 2, 2010, in which the Company retained Chang G. Park, CPA, San Diego, CA effective July 28, 2010 as its new independent principal accountant to audit the Company's financial statements.
"The Company has no disagreements with its prior independent accountant, Kyle Tingle CPA," stated Mr. Berg. "The change in independent accountants was deemed to be in the best interest of our shareholders."
ABOUT FRIENDLY AUTO DEALERS, INC.
Friendly Auto Dealers is a start-up company incorporated on August 6, 2007, under the laws of the State of Nevada. The principal offices are located at 4132 South Rainbow Boulevard, Suite 514, Las Vegas, Nevada. The telephone number is (702) 321-6876. The fax number is (702) 939-0655.
Safe Harbor Statement
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.