Encounter Technologies Inc (ENTI: OTC Pink No Information) | ENCOUNTER DEVELOPMENT TECHNOLOGIES INC. ANNOUNCES A CHANGE IN CONTROL, NEW MANAGEMENT, AND CORPORATE RESTRUCTURING

ENCOUNTER DEVELOPMENT TECHNOLOGIES INC. ANNOUNCES A CHANGE IN CONTROL, NEW MANAGEMENT, AND CORPORATE RESTRUCTURING

Dec 27, 2013

OTC Disclosure News Service

Rochester, NY

The Board of Directors of Encounter Development Technologies
Inc., a Colorado corporation (US.ENTI.PK), is pleased to announce that a change
in the company’s control occurred on December 15, 2013; whereby, Electronic
Merchant Systems Rochester, Inc., a New York corporation (“EMS”), and
First Hudson Trust of New York, a Massachusetts trust formed and operating
under the laws of the State of Oklahoma (“First Hudson”), acquired
all of the company’s issued and outstanding shares of Series A Preferred Stock
from Carrie Cosner, the company’s former Chairman of the Board.  The terms of the transaction were not
immediately disclosed, however, Randolph S. Hudson, the company’s newly
appointed Chairman of the Board, President, and Chief Executive Officer, stated
“the terms of the transaction and all other pertinent information relating
to the company’s former, current, and planned activities will be included on a
current report, which the company expects to file with OTC Markets and the
Securities and Exchange Commission by the end of January 2014”.

The company’s board of directors is grateful to Mrs. Cosner
for her efforts, following her appointment as the company’s chairperson,
president, and chief executive officer, to make the company’s administration
and operations more “transparent” to its shareholders and investors,
and for having taken the time go out-of-pocket to fund the company to advance
it toward its next stage of development.
 
Mrs. Cosner remains as one of the company’s common stockholders as the
result of her sizable (open market) investment in the company during the past
few years.

EMS and First Hudson intend to reposition the company as a
real estate holding company.
 
“Following an exhaustive review of the company’s assets, business,
and operations, or lack thereof, EMS and First Hudson have decided to focus the
company’s business through the ownership and operation of commercial and
residential real estate assets that are located throughout the United
States” said Mr. Hudson.
  He
continued by saying “EMS and First Hudson are principally concerned with
the contributions of the company’s shareholders; however, the further
development of the company will not occur overnight but will be accomplished
under a comprehensive and strategic plan of restructuring that will continue
through the first calendar quarter of 2014 to aid the company’s shareholders,
investors, and others having business with it.”

Michael P. Grande, the company’s vice-chairman (and the
Chairman of the Board, President, and Chief Executive Officer of EMS) said
“Our first priority is to resolve administrative issues associated with
the company’s neglect or failure to file its reports with various regulatory
and self-regulatory agencies and to position the company to engage in a solid business
organization that won’t include ‘smoke and mirrors’, and that will benefit the
company’s shareholders and investors under a consistent program in the
long-term.”
  Mr. Grande added,
“following the due-diligence by EMS and First Hudson, Randy and I
determined that there will be no need to file bankruptcy on Encounter, or any
of the other companies in our group, and that all of the issues that need to be
addressed, can be accomplished through
 non-bankruptcy restructuring programs.”

Dean M. Denton, the company’s Senior Vice-President and
Chief Administrative Officer added “we must take every step following this
change in control to access the company’s books and records that are not in the
custody of the company, to determine what the company needs to do to bring its
delinquent reports and official notifications current, and to establish a
system of administrative controls and procedures, not just to repair the past insufficiencies,
but to build a solid foundation upon which to maintain the company’s reporting
(to its shareholders and regulators) and subsequent development.”

Encounter is one in a group of five publicly traded
companies that, eventually (on a date in calendar 2014), will operate under a
Cayman-Islands-based holding company, controlled by EMS and First Hudson,
which, itself, will be publicly traded.
 
Each subsidiary will continue to trade its shares for the benefit of its
respective shareholders.

The affiliated companies will be engaged in the businesses
of entertainment, consulting, credit card merchant acquisitions, and a credit
union.
  Aside from the credit union
conducting an IPO under First Intercity Bancsystems, Inc., the other affiliates
to-date are Real American Capital Corporation (US.RLAB.PK) and Oncology Med,
Inc. (US.ONCO.PK).

For further information on Encounter and First Intercity,
please contact Mr. Hudson at (585) 329-3581.
 
For further information on Real American Capital and Oncology Med,
please contact Mr. Grande at (585) 967-3198.

Certain of the statements made by the company and its senior
executive management are “forward-looking”.  To that extent, the company seeks safe harbor
for its forward-looking statements pursuant to the Private Securities
Litigation Reform Act of 1995.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/ENTI/news?id=73732

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