This is old news. This has only been a shell for some time.
It was R/S and acquired by Sterling Payroll, thus the symbol change.
Virtual Reality, Inc. Completes Merger Transaction
NEW YORK, Jan 23, 2001 /PRNewswire via COMTEX/ -- Virtual Reality, Inc. (OTC
Bulletin Board: VIRR) is pleased to announce the completion of a merger
transaction with an affiliated entity of Sterling Payroll Financial L.L.C.
("Sterling").
Virtual Reality, Inc. (the "Company") plans to change its name to Sterling
Business Solutions. The Company will act as a full service P.E.O. (Professional
Employment Organization) that provides an effective method of managing functions
for its client companies. The Company will specialize in Payroll Administration,
Human Resources Benefits, Financing, Funds Administration, Credit Card
Processing and Equipment Leasing.
Martin F. Cardone has resigned as Chief Executive Officer and Director of the
Company. He will remain with the Company in a consulting capacity. Mr. Costas
Kellas will assume the role of Chief Executive Officer and President of the
Company. Mr. Damiano Coraci will be the Chief Operating Officer. These two
gentlemen and Mr. Peter Papanicolaou will serve as members of the Board of
Directors.
In connection with the merger, the shareholders of the affiliated entity of
Sterling received 92% of the outstanding shares of the Company on a fully
diluted basis.
SOURCE Virtual Reality, Inc.
CONTACT: Investor Relations of Virtual Reality, Inc., 718-956-7350,
ext. 243
(VIRR) |
