TAMPA, FL -- (Marketwired) -- 06/26/13 -- American Community Development Group, Inc. (OTC Pink: ACYD) announces that an overwhelming majority of shareholders have tendered to John Folger, President, CEO and Corporate Director, the consent to undertake several necessary corporate actions that directly benefit our shareholders.
These specific actions provide Mr. Folger with the authority to conclude the proposed merger with Wialan Technologies LLC, (Wialan).
The benefits of this transaction were among the subjects discussed during a conference call and special shareholder meeting held last Thursday, June 20th to offer details of the combination and introduce new company management and discuss future planned developments.
An archived copy of the conference call can be found on the Wialan website. The link is http://wialan.com/news.php?id=49
Other actions to be undertaken are that two of the ACYD board members were removed from their positions so that better qualified and more active replacements may be named. The Company will also undertake the rescission of the Preferred Convertible Shares that were created by, on behalf of, and to the benefit of, the former directors, Mr. Brant Doell and Mr. David Gray, during their illegal attempt to terminate Mr. Folger.
The merger is on track to close shortly, subject to final due diligence and normal closing conditions. When complete, it will provide Wialan with all of the benefits of public company participation in the global capital markets in some of the countries where their technology is already deployed.
Wialan, a next generation telecommunications provider, is poised for exponential growth from their 5 years of successful R&D, sales and installations of their impressive WIFI solutions spanning 3 continents. They have established a multi-year track record of successful installations in airports, municipalities, apartment buildings, parks, marinas and other locations that require a superior communication footprint. Among the unique features available of their WIFI platform include the capability of real-time live color video streaming and a compact public address system, which can be programmed to alert responsible parties or even law enforcement, thereby enabling early warning public announcements and notification.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings.
For additional information, visit the websites below or contact the undersigned directly:
President and Chief Executive Officer
American Community Development Group, Inc.
Direct Cell 727-277-8196
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