SOURCE: ALAS International Holdings, Inc.

July 19, 2012 23:00 ET

ALAS International Holdings, Inc. aka PV Enterprises International, Inc. Announces New Appointment of Management, Investment Banking and Clarification of Certification

FORT LAUDERDALE, FL--(Marketwire - Jul 19, 2012) - ALAS aka PV International Holdings, Inc. (PINKSHEETS: VDSC), ship management and cruise services, made the following announcements today.

New Appointment of Financial Management

Mr. David W. Turner, recently appointed Chief Financial Officer and Member of the Board, announced today that PV Enterprises International has engaged an experienced corporate controller, with thirty-five years experience in public accounting, Big Eight auditing, and private accounting for businesses in the $50 to $100 million revenue range.

Mr. Turner said, "We need to progress the financial accounting reporting to be more responsive to management needs. Our people are our greatest asset, experience speaks for itself. Our new Controller is already making great strides in setting up new accounting systems, payment practices, and asset protections that are needed in a growing company. Accurate reporting, especially in Pink Sheet OTC-US reporting, is our objective and primary function in financial reporting."

Mr. Turner is a licensed Florida Certified Public Accountant and was awarded the Master of Business Administration (MBA), Master of Science (MSIR), and Bachelor of Business Administration (BSBA) degrees from West Virginia University. He is a former college professor in finance and accounting. Mr. Turner has approximately 25 years experience in the cruise industry, with significant experience in start-up cruise lines and their financial management. He is the former CEO of SeaAmerica Cruise Lines, a seven year attempt to build the first two cruise ships in America in fifty years. He has given numerous speeches and written articles on niche cruise line opportunities.

Appointment of Investment Banker

PV Enterprises International, Inc. announced today that it has engaged the investment banking firm of Northeast Capital to arrange and facilitate a Bridge Loan, proceeds to be used for expansion opportunities and certain operating capital. Closing is expected in next two weeks. Mr. David W Turner, CFO, stated, "We look forward to placing our financial house in order and on a solid foundation. We have worked with Northeast Capital in the past and they have negotiated terms acceptable to both parties and operate with high integrity and reliability. They have already arranged some significant financial support for this growing company."

Clarification of m/v Ocean Star Pacific Ship Certification (Prior Announcement of July 11, 2012)

PV Enterprises International, Inc. clarifies that it had received Short Term Certificates (Class + PSSC) valid to 20th July for one voyage without passengers in Mexican waters only to complete Conditions of Class for outstanding deficiencies. The vessel is currently not certified to "carry passengers on the high seas" and DNV does not issue "Certification for Seaworthiness."

About Det Norske Veritas

DNV (Det Norske Veritas) is an independent foundation with the purpose of safeguarding life, property, and the environment. Its history goes back to 1864, when the foundation was established in Norway to inspect and evaluate the technical condition of Norwegian merchant vessels.

DNV has worked internationally since 1867 and has established approximately 300 offices in 100 countries. As a knowledge-based company, its prime assets are the creativity, knowledge, and expertise of more than 11,000 employees from more than 85 different nations.

DNV's activities are divided into three operating companies:

  • DNV Maritime and Oil & Gas provides classification, verification, risk management and technical advisory services to the global maritime and oil and gas industries
  • DNV KEMA Energy & Sustainability provides consulting, testing and certification services to the global energy sector including renewable energy, carbon reduction and energy efficiency, power generation, transmission & distribution
  • DNV Business Assurance provides certification, assessment and training services to assure the performance of customers' products, processes and organizations across a wide variety of industries globally. One of the most important activities of DNV is its investment research and innovation. Since 1954 DNV has had a dedicated research department that has enhanced and developed services, rules and industry standards in multiple fields. Many of the technology solutions developed by DNV have helped define internationally recognized standards

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 reverse 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.

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.

Contact Information

  • ALAS International Holdings, Inc.
    Investor Relations