FORT WAYNE, IN--(Marketwired - Mar 10, 2014) - Advanced Content Services, Inc. (OTC: ADCS) is pleased to announce finalization of discussions with a merger candidate with a holding company focused in the multi-billion dollar payment solutions and merchant services markets. Parties expect to close on the deal before the end of Q1 2014.
The target company is currently in development on products intended to benefit business owners in the ever growing Cannabis / Medical Marijuana industry.
In line with the anticipated merger, a new CEO with a strong background in sales, management and marketing, has been identified and will be announced upon finalization of the new acquisition. It has been mutually agreed that the Company's interim CEO, Alex Woods-Leo, is better suited elsewhere.
As well, ADCS execs continue to work toward building overall shareholder value and investor confidence. The 2013 annual report is expected to be filed in a timely manner and the Company has engaged the services of outside legal counsel to address the DTC deposit chill placed on ADCS in August 2011.
DTCC has responded to initial inquiries and has supplied a request for information so that it may make a determination as to whether to lift the deposit chill. A written response, including legal opinion, will be sent in the coming days, per the requirements of the letter.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward- looking statements to reflect events or circumstances after the date of this release.