HONOLULU, Jan. 6 /PRNewswire-FirstCall/ -- American Hospital Resources, Inc. (OTC Bulletin Board: AMHR; Berlin (WKN) 913541) announced that, with the approval of a majority of shareholders, it has initiated the necessary steps to get the Company’s capital structure in sync with its recently signed letter of intent to acquire a 100% interest in a Japanese gaming chain. Shareholders approved a Quasi-Reorganization that will allow the Company to restate assets and liabilities to fair value and reduce the accumulated deficit to zero as of December 31, 2004. The Company will get a “fresh start” by setting retained earning back to zero as if starting over and the reduction to equity from the retained earning deficit is transferred as a reduction to contributed capital. This will reclassify the Company as a developmental stage company. Shareholders also approved a name change to SPAH Holdings, Inc. in anticipation of the proposed acquisition. The Company has filed an Information Statement with the Securities and Exchange Commission that provides additional information on the Quasi-Reorganization and Shareholder actions. The Information Statement approval process will take a minimum of 10 calendar days and will be followed by a 20 calendar day notification period to allow the Company time to notify all shareholders, brokerage firms and market makers of the Shareholder approved actions. Pending continuing due diligence, the proposed Japanese gaming chain acquisition should be complete during the first quarter of 2005.
Mark Buck, AMHR CEO said, “The process of aligning the Company to match its goals is almost complete. As the process unfolds updates will be released. We anticipate that a new symbol will be assigned during the transition period and another when the acquisition is complete. Due diligence is ongoing and we are coordinating with the acquisition candidate on a regular basis. We are on track to complete the process during the first quarter of 2005 and look forward to a very productive relationship that will bring value to the loyal shareholders of AMHR.”
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “possible” and “seeking” and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to the effect of government regulation, competition and other material risks.
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American Hospital Resources, Inc.
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