FREEPORT, N.Y., June 24, 2014 (GLOBE NEWSWIRE) -- Castle Holding Corp. (Pink Sheets:CHOD) (the "Company") is pleased to announce today that there exists a Letter of Intent (LOI) executed on June 6, 2014 by the controlling shareholders of the Company to pass control on to another controlling shareholder (hereafter referred to as ACS). An SEC Form 8 K was filed by the Company regarding this matter on June 12, 2014. The closing of this control change is scheduled for October 1, 2014. Details are in the Form 8 K.
The ACS has a new vision for the Company. The goal is to increase visibility of the Company as well as to formulate a plan of action to build the Company into a leading edge merger and acquisition model. That model could take the form of something similar to a publicly owned investment manager like Berkshire Hathaway, Inc. Another possible model could be in the form of a business development corporation like Main Street Capital Corporation. Other models and combinations are being reviewed as to a future course of action.
There can be no guarantee all of the goals of the ACS for the Company can be attained, however, a quality development management group is in process of being recruited. This new management team is expected to have expertise in mergers, acquisitions, leveraged buy-outs as well as debt and equity offerings.
Along the lines of team and personnel development, as well as quality business operations, whether private or public, the Company would like to take this opportunity to invite such qualified individuals, groups or operating businesses to inquire. If experience exists in any of the aforementioned areas, or there is a business opportunity worthy of discussion, please contact the person at the bottom of this Press Release by phone or e-mail.
The Company was incorporated in 1986 and is based in Freeport, New York.
This press release contains certain "forward-looking" statements, defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by the company.
This press release is provided for information purposes only and is not intended to constitute an offer to sell or a solicitation of an offer to buy securities.
CONTACT: Dr. John V. Cappello 484-518-9000 or firstname.lastname@example.orgSource:Castle Holding Corp.