SOURCE: Friendly Auto Dealers, Inc.

October 01, 2010 09:00 ET

Friendly Auto Dealers, Inc. Updates Shareholders; Announces New Initiatives -- Letter of Intent

LAS VEGAS, NV--(Marketwire - October 1, 2010) -  Friendly Auto Dealers (PINKSHEETS: FYAD) released a shareholder update from its President, Mr. Gerry Berg today, outlining the Company's prospective plans for development and operations in the last quarter of 2010.

On August 2, 2010, the Company filed Form 8-K with the Securities and Exchange Commission announcing the termination of the material definitive agreement with TMD Courses, Inc. Since that time, the Company met and conferred with its Pacific Rim business consultant, Mr. Stephen Chu, and has held informal talks to determine the efficacy of the Company's returning to its original development plan designed to exploit the Company's pre-existing Chinese Automobile Industry contacts. Additionally, the Company has been informally communicating with healthcare industry contacts it developed over the course of its failed merger and acquisition project with TMD Courses, Inc. during the spring and summer of this year.

Mr. Gerry Berg commented: "The Company was very disappointed the TMD Courses, Inc. project could not be completed. As a company, we had to retrench and determine where we were headed and where we were going to invest our time and efforts post TMD. This has been very difficult given the considerable time and effort the Company devoted to TMD over the course of the last few months. We have spent the last two months exploring and evaluating other opportunities. We looked over some other projects we previously considered to see if there was anything there worth developing. Frankly, the Company's Chinese initiatives are just not economically plausible at this time. On the flip side, even though the TMD Courses project was not realized, the Company benefited nonetheless by learning about the industry and by meeting and conferring with healthcare industry representatives. It's been as the result of this learning and experience that led the Company to enter into a non-binding letter of intent with Splint Decisions, Inc., the exclusive licensee of a patented and FDA approved healthcare product designed to treat, amongst other things, sleep apnea."

Mr. Berg continued: "This is only a letter of intent. It is not binding on the Company at all, and I consider it merely exploratory at this stage. This is an opportunity, and I think it is worthy of what can only be characterized as a preliminary non-binding investigation."


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) 798-0427.

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.