Hi Tony:
Welcome to scamorama.
Seems we can't go to our company owned hotel cause there
isn't one of those either but lets go to our company owned lab
and watch our company owned channel. Pay particular attention to
the number of NIAR shares our company gave and got for acl. It's
doesn't quite match the number we got back when they unwound this one.
I'll be darn.
Mr. Arrigoni, Mr. De Francesco etc: Are you ready to give us our .15c
yet? I'm getting tired of paste and copy and there's so much more.
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NORTH AMERICAN RESORTS, INC. - FOR IMMEDIATE RELEASE
September 18, 1996 - North American Resorts, Inc. (NIAR) announced that it has entered into an agreement on Sept. 3, 1996 with American Clinical Labs, Inc., a Florida Corporation located in Lakeland, FL ("ACL"). Under the terms of the agreement, North American has agreed to acquire substantially all of the assets of ACL in exchange for shares of the common stock of NIAR. A closing is expected to take place on or before Sept. 30, 1996 (the Closing).
At the closing, ACL will transfer and deliver to North American assets equivalent to 1,162,440 shares of common stock of EVRO Corporation, a Florida corporation traded on NASDAQ, and various notes receivable totaling $202,000. North American will issue to ACL common stock of North American so that ACL will own 51% of the outstanding shares of North American after the Closing. It is the intention of ACL to distribute the North American shares to its shareholders at a future date.
Jerry Diamond, President of ACL, stated "The Management of North American and ACL believe this agreement to be in the best interest of both companies as it will provide North American sufficient liquidity, through the sales of the newly acquired ACL assets to move forward with its business plan to develop Cypress Island and continue with its expansion efforts in the area of timeshare sales and will provide the ACL shareholders with the opportunity to participate in the anticipated growth of North American.
For further information: Harry Stone, Investor Relations 800-340-0123
On October 29, 1996, North American closed a transaction with Channel America Broadcasting, Inc. ("Channel America") wherein North American sold artwork prints with a book value of $1,000,000 in exchange for the issuance of 50,000 shares of Channel America Series C Convertible Preferred Stock.
The corporate offices of North American have been relocated to 1509 South Florida Avenue, Suite 3, Lakeland, Florida 33803.
For further information, contact Shareholder Relations (941)688-4666
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