SOURCE: ALAS International Holdings, Inc.

July 11, 2012 18:26 ET

ALAS International Holdings, Inc. aka PV Enterprises International, Inc. Announces m/v Ocean Star Pacific Receives Ship Certification

FORT LAUDERDALE, FL--(Marketwire - Jul 11, 2012) - ALAS aka PV International Holdings, Inc. (PINKSHEETS: VDSC), ship management and cruise services, made the following announcements today.

m/v Ocean Star Pacific Ship Certification

Mr. Peter Villiotis, Chairman and CEO, announced today that the vessel, m/v Ocean Star Pacific, has received certification of seaworthiness and passenger safety, Safety of Life at Sea (SOLAS), standards from Det Norske Veritas. Certification is a major milestone in creating this vessel as a revenue generating profit center.

Mr. Villiotis, Chairman and CEO

Mr. Villiotis commented: "This is a huge step forward for the positioning of the m/v Ocean Star Pacific in appropriate revenue generating markets. We acquired control of this outstanding vessel in May, 2012 and have invested significant capital in technical improvements. Now we have an outstanding vessel to position in new markets. This investment should prove extremely fortuitous to our shareholders and the future growth of the company. The word is getting out, we have an outstanding vessel. Several new opportunities are being presented to us for this excellent vessel. We are now evaluating these new opportunities in conjunction with the previously announced Korean Charter." Mr. Villiotis further stated, "The diligent hard work of our team, the management, ship officers and 200 crew members, our personal commitment, and outstanding support of our industry suppliers, met the challenge of this task. We are sincerely appreciative of each of their efforts. We are a lean experienced group of industry professionals and insiders. Normally a major ship management company would take six months to accomplish what we have done in several weeks. That is the acid test of a good company -- its people This investment has reached fruition in the success and confidence that Det Norske Veritas has recognized the m/v Ocean Star Pacific as a safe vessel to transport passengers on the high seas."

Mr. Villiotis has an in-depth background in the cruise industry. He has been involved in both new build, ship refurbishments, and vessel management his entire career. He has owned and managed a successful yacht and vessel ship management company, PV Enterprises, Inc. for fourteen years. Prior, he held senior technical management positions with industry leaders such as Carnival Cruise Lines, Inc. Mr. Villiotis is a licensed trained naval engineer. 

About ALAS aka PV Enterprises International

ALAS aka PV Enterprises International (PINKSHEETS: VDSC) is a ship management and passenger ship company that looks for unique niche market opportunities in the passenger vessel, ferry and over-night cruise industry world-wide. The company PV Enterprises, Inc. was reversed merged into ALAS Holdings in Dec. 2011. The company is looking at several opportunities in Latin American based ferry operations besides the current project with the m/v Ocean Star Pacific.

The m/v Ocean Star Pacific was originally christened the Nordic Prince and was the second ship to be built for Royal Caribbean, and one of the first modern purpose-built cruise ships. In June 1980, the ship was lengthened at Wärtsilä. When RCCL acquired new tonnage in the late 1980s, the Nordic Prince was used for cruising around the world. In December 2010, subsequent owner, Louis Cruises, announced they would be continuing the renewal of their fleet by selling the vessel to Mexican operator Ocean Star Cruises who have renamed her Ocean Star Pacific. She entered service for Ocean Star Cruises on 10 April 2011 but was decommissioned shortly thereafter. PV Enterprises International acquired control of the vessel in May 2012, and with their broad technical expertise in ship management and technical operations was able to achieve the recognition and certification of Det Norske Veritias, DNV, as to the vessel's sea worthiness and Safety of Life at Sea (SOLAS) standards.

About Det Norske Veritas

Det Norske Veritas (DNV), together with Lloyds Register and America Bureau of Shipping is one of the three major companies in the classification society business. It is considered the leader in the certification of the marine vessels. DNV's ship classification Rules are based on a wealth of experience accumulated during our more than 140 years of history and extensive research and development programs. DNV classification services are performed through their global network 300 offices and 10,000 employees. 

Classification is a special type of certification particularly applied to confirm that the maritime structures and facilities comply with requirements. Classification implies that requirements are set by the classification society, i.e. the same third party that performs the classification. The requirements are specified in the DNV Rules. Ship classification has emerged as an essential contributor to the safe-guarding of life, property and the environment. Fundamentally, classification is a very simple concept based on three main elements, applicable both to the new build and operational phases, 1) Setting standards (Classification Rules), 2) Verification of compliance with standards (approval of specifications and drawings, surveys and testing), 3) Documenting compliance with standards (survey reports, Classification certificates).

All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including those regarding: guidance on our future financial results and other projections or measures of our future performance; market opportunities and our ability to capitalize on them; the benefits expected from new or updated products or services and from other potential sources of additional revenue; and the impact of management and organizational changes. These statements speak only as of the date of this press release, are based on our current plans and expectations, and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: market acceptance of our products and services; our relationships with customers and strategic partners; our ability to attract and retain qualified senior management and other personnel; and changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet and information technology industries. Further information about these matters can be found in our Securities and Exchange Commission filings. Except as required by applicable law or regulation, we do not undertake any obligation to update our forward-looking statements to reflect future events or circumstances.

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