A summary of events from RB,
By: grind
Reply To: None Saturday, 5 Jun 1999 at 10:58 PM EDT
Post # of 785
Chester Holdings Ltd. (CHES)
CHES, which was once just a shell looks to be getting some stuffing put into it. This could be a big winner for some getting in on the ground floor. Many smart investors stayed away from this one because it was just a shell, but no longer. Daily average volume has picked up tremendously on CHES and is attracting people to inquire within. Inactive since 1995 the company is in the midst of a re-organization and expects to resume operations in the near future.
The previous shareholders of this company have no rights to CHES as currently trading on the OTCBB. This is a brand new company filling this shell.
Shares outstanding: 82 million
Shares in float: 47 million
The president of the company is Michael F. O'Shea. His background is accounting. The Presidents vision is to acquire privately held companies in the computer and pharmaceutical sector. So far O'Shea has hired Frohling Hudak & McCarthy to prepare the company for fully reporting status in regulation with the SEC. CHES plans on becoming a fully reporting company by July/August time frame.
So far 3 companies are in negotiations with CHES. 1 pharmaceutical and 2 technical companies. The names of these companies in negotiations were not given do to the Insider Trading law. 1 of the companies has revenues up to $90 million/year. This will be a tremendous holding for CHES making its existing shares worth at least $1 in value. Of course the announcement of acquisitions will attract bigger investors. Keep in mind that they are only in negotiations at this time.
CHES's last 2 PRs were forward looking and poses the excitement of a bright future.
FLANDERS, NJ, Jun 3,1999 (BUSINESS WIRE via COMTEX) -- Chester
Holdings, Ltd. (Electronic Bulletin Board symbol: CHES) today announced
that it had retained the law firm of Frohling Hudak & McCarthy of
Roseland, NJ to work with the management of the Company to implement a
reorganization plan as well as to aid in the review of potential
acquisitions which may present themselves during the reorganization
process. Initially the Firm will work with the Company to prepare all
necessary regulatory filings required for the Company to become fully
reporting.
The Company has also begun the process of selecting an accounting firm
to assist it in the preparation of its periodic SEC reports. Once all
required filings are completed Chester Holdings, Ltd. expects to be
able to work with potential acquisition candidates on the restructuring
of the Company and capital raising projects.
"Safe Harbor" Statement under the Private Securities Litigation Act of
1995; to the extent that this press release makes statements about the
future, such statements are forward looking and subject to a number of
risks and uncertainties, including, but not limited to, the inability
to complete and file the 10K's and 10Q's. These risks could effect the
ability of the Company to successfully reorganize and resume operations
as stated in any forward looking statements made by, or on behalf of
the Company. There is no assurance that the Company will be able to
achieve any of its intended objectives.
FLANDERS, N.J.--(BUSINESS WIRE)--April, 26, 1999--Chester
Holdings Ltd. (Electronic Bulletin Board symbol CHES), inactive since
1995 announced that it has begun the process of restructuring its
business organization and expects to resume operations as a holding
company in the near future.
The Company's only operating subsidiary, Fidelity Medical, Inc.,
was sold to Medical Laser Technologies, Inc. in 1995 and the
management of the Company devoted their efforts to operating that
business. In April of 1998 control of Fidelity Medical Inc. was
transferred to another group of investors and the Company's management
decided to refocus their efforts and intends to resume the Company's
operations by the third quarter of 1999. As of this date the Company
has no immediate prospects and is unable to assure stockholders that
its efforts to associate with an operating business will be
successful.
For more information please contact Michael F. O'Shea, President at
1-864-962-8906 or FAX requests to 1-864-962-8417
Attorney:
CONTACT: Linda Pellegrino
Frohling, Hudak & McCarthy, P.C.
201/433-4988
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