Darn
we can't go to our company owned lab either. To bad,
we might have been able to retrieve the 12,500,000
shares we left there.
ORLANDO, Fla., Dec. 16 /PRNewswire/ -- North American Resorts, Inc.
(OTC Bulletin Board: NIAR)("North American"), a publicly traded vacation
ownership management company located in Central Florida announced today that
it has entered into a Recision and Release, dated December 1, 1996, with
American Clinical Labs, Inc. ("American Clinical") to rescind the Agreement
and Plan of Reorganization entered into by the parties on September 3, 1996.
North American has returned the assets it acquired from American Clinical and
American Clinical has returned the 41,000,000 shares of North American's
common stock with registration rights to North American. In conjunction with
the Recision and Release, Richard J. Diamond has resigned as Director, Vice
President and Secretary and Donald R. Mastropietro has resigned as President,
Chief Financial Officer and Treasurer of North American.
The assets returned to American Clinical consist of the following
securities issued by Channel America Broadcasting, Inc. ("CATV"): 18 shares
of CATV's common stock; 3,500 shares of CATV's Series E Preferred Stock;
13.44844 shares of CATV's Series L Preferred Stock; promissory notes in the
original principal amounts of $239,658.25, and liabilities and obligations of
approximately $284,000. North American has also issued American Clinical
12,500,000 shares of its restricted common stock in exchange for funds
advanced to North American by American Clinical.
North American's Chief Executive Officer, Max. P. Cawal, stated, "This is
a positive move for both North American and American Clinical. This recision
was entered into willingly by both parties and is based on different
management strategies for North American's future."
North American is in the business of marketing vacation club memberships,
timeshare sales, resort development, as well as owning an 80% interest in a
travel services company, North American Resorts Travel, Inc. North American
also operated Cypress Island near Orlando, Florida. Visitors travel to
Cypress Island by airboat and may explore the island and its over 20 species
of animals by foot, horseback or golf cart. It is North American's intention
to develop Cypress Island as a timeshare resort destination in the future.
In conjunction with the recision, the corporate offices of North American
have relocated to 301 East Hillcrest Orlando, Florida, 32801.
SOURCE North American Resorts, Inc.
CO: North American Resorts, Inc.
ST: Florida
IN: LEI
SU: |
