SOURCE: Friendly Auto Dealers, Inc.

May 21, 2010 09:00 ET

Friendly Auto Dealers, Inc. Details Changes to Its Board of Directors

LAS VEGAS, NV--(Marketwire - May 21, 2010) -  Friendly Auto Dealers (PINKSHEETS: FYAD) announced today that effective May 19, 2010, Ming R. Cheung resigned as an officer and director. Before resigning, the board appointed Mr. Gerry Berg the Company's President, Director and Chairman of the Board of Directors. The Company previously retained Mr. Berg on November 23, 2009 as the Company's Managing Consultant for Mergers and Acquisitions. The announcement occurs as the Company is engaged in ongoing steps to complete obligations it assumed in its recently announced entry into a material definitive agreement with TMD Courses, Inc. That agreement calls for the Company to accomplish three conditions to complete the transaction: (1) Changing the name of the Company to Innovative Therapeutic Solutions, Inc.; (2) Closing a 1:10 Reverse Stock Split; and, (3) Increasing the number of authorized shares from seventy million to seven hundred million shares.

Mr. Berg will work in conjunction with the Company's management team, including Mr. Stephen Chu, who the Company appointed as Special Advisor and Consultant for mergers and acquisitions on September 18, 2009, in order to complete these matters.

Mr. Berg has over 30 years of senior management experience working with private and public companies. His overall emphasis has been on Finance and Operations. Mr. Berg served a number of public companies as their President, Chief Financial Officer, Board Member or as a financial consultant. 

Mr. Berg holds a Bachelors of Arts in Accounting from Walsh College. Mr. Berg became a Certified Public Accountant (CPA) in the State of Michigan in 1979 and in the State of California in 1984. Mr. Berg does not currently practice as a CPA.

"I am excited about the Company's material definitive agreement with TMD Courses, Inc.," said Berg. "I look forward to completing the conditions precedent to closing this transaction."

The Company reported these events on Form 8-K filings with the SEC, which may be accessed at:


Friendly Auto Dealers is a start-up company incorporated on August 6, 2007, under the laws of the State of Nevada. The principal offices are located at 4132 South Rainbow Boulevard, Suite 514, Las Vegas, Nevada. The telephone number is (702) 321-6876. The fax number is (702) 939-0655. Friendly Auto Dealers is a developer and seller of customized apparel and consumer products and logos in China.

Safe Harbor Statement

To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.