American Senior Association Stockholder Update
Aug 08, 2014
OTC Disclosure News Service
August 8, 2014. Upon being removed from the board, Jim Ryan and Randy Nichols distributed a communication on Company letterhead urging shareholders to revoke their irrevocable proxies claiming that “factual inaccuracies” were made in an attempt to entrench themselves in office after a majority of the shareholders voted to replace them.
However, Mr. Massey’s supposed “inaccuracies” were accurate when written: the Company did have a yield sign because Mr. Ryan was late in making the required filings, he did not report the resignations in a timely matter. A majority of the shareholders voted to replace Mr. Ryan and Mr. Nichols pursuant to the Company’s By-Laws and Georgia Law.
In the weeks prior to Mr. Ryan becoming the CEO, the Company stock price was $.0.20. After a year of Jim at the reigns, the stock price has dropped 90% to $0.02 where it currently sits. Based upon the last two annual reports annual revenues have dropped by over 62% from $590,987 to $368,958. Upon investigation of the company’s financial records it was discovered that prior period payroll taxes, currently under a payment plan, had not been paid. Additionally, the Officer and Director Liability had not been for at least one month.
The Company will move forward according to the majority shareholder vote and continue with operations without Mr. Ryan and Mr. Nichols on the board.
The Company has retained Mr. John Hawkins of KREVOLIN|HORST LLC as corporate council.
An additional shareholder update will be published on Monday August 11, 20114
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company’s periodic filings with the OTC Markets.
This release includes additional documents. Select the link(s) below to view.
Press Release Points 08082014.pdf
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