SOURCE: Greenway Technology

October 25, 2012 13:26 ET

GREENWAY TECHNOLOGY Acquires Andalusian Resorts, LLC

LAS VEGAS, NV--(Marketwire - Oct 25, 2012) - GREENWAY TECHNOLOGY (the "Company") (PINKSHEETS: GWYT) today announced that it acquired Andalusian Resorts, LLC ("Andalusian") as part of an overall transaction conveying control of the Company to Bernard A. Fried. The Company acquired Andalusian for 2,000,000 shares of its preferred stock valued at $750,000. "We are thrilled to acquire Andalusian," stated Kevin Holbert, the Company's former CEO, who has agreed to remain on our Board of Directors and serve as our Senior Vice President and Chief Operating Officer. Mr. Fried added, "The transaction allows us to pursue a vast untapped upscale market with significant financial potential." 

Mr. Fried brings over thirty years of telecommunications, Customer Relationship Management, and contact center experience in entrepreneurial and enterprise settings to our Company. He has applied his business development, operations and sales skills to consult with Fortune 1000 and international companies in the US, India, the Philippines and Australia. His clients have included, American Electric Power, AT&T, Capital One, Telstra and Nippon Telephone. From December 2000 through February 2010, Mr. Fried owned and operated FCI Company, LLC (f/k/a Fried Consulting Group). From July 2008 through July 2009, he also served as Managing Director of Coronado Group, Inc. From February 2010 through April 2012, he served as President and COO and from April 2012 through September 2012 as CEO of Flint Telecom Group, Inc., an international telecom technology and services organization delivering next-generation IP communications products and services. He currently operates Andalusian Resorts, LLC ("Andalusian"), a development stage company which intends to be engaged in the operation an exclusive chain of resorts and spas. 

Mr. Fried will devote his full time efforts towards the Company's affairs, earning a base salary of $250,000, plus additional compensation as determined by the Company's board of directors. While Mr. Fried and the Company have not currently entered into a formal employment agreement, it is anticipated that such an agreement will be entered into in the near future. Mr. Fried will be based out of the Company's new headquarters.

Mr. Fried currently owns 150,000,000 of our common shares and 10,000,000 of our convertible preferred shares and effectively controls the affairs and management of the Company. Within the last five years, Mr. Fried has not been the subject of any criminal or administrative proceeding, does not have any family or other relationship with any officer or director of the Company, has no known conflicts with the Company and has not entered into and does not plan on entering into any related party transaction with the Company other than as set forth herein. 

Mr. Fried envisions Andalusian to be a premier luxury boutique hotel and resort chain catering specifically to the many alternative lifestyles of men and women today. "We see our resorts as a destination where exceptional care, attention to comfort and detail and the comfort of our guests will be our ultimate mission."

It is Mr. Fried's belief that current international hospitality options afforded exclusively to gay and lesbian travelers are at best, sub-standard. "Current properties offer one or two star service for four or five star prices. We intend to offer the gay and lesbian community a top flight experience that they will want to identify with and make their own."

The Company intends to operate as Andalusian Resorts and Spas with properties initially located in numerous cities throughout the United States, with its first resorts targeted for Palm Springs, CA and Las Vegas, NV. The Company is in contract negotiations in Palm Springs and is in the process of completing negotiations for the acquisition of the Las Vegas property. If and when negotiations are concluded for both properties, both closings will be subject to standard conditions including, but not limited to, completion of due diligence and the availability of suitable financing, and are expected to close within the fourth calendar quarter of 2012 or the first calendar quarter of 2013. Both properties, to the extent acquired, will require significant renovation to bring each property to the Company's most stringent requirements and standards.

Matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on various assumptions and involve substantial risks and uncertainties, including, without limitation, those relating to the integration of Andalusian into our company, our ability to obtain financing necessary to do so, the execution of its business plan and many other factors which may or may not be beyond our control.

Contact Information

  • Greenway Technology
    Bernard A. Fried
    (702) 605-4301
    ir@arsproud.com
    Investor Relations