SOURCE: InterActive Leisure Systems, Inc.

November 22, 2013 13:35 ET

InterActive Leisure Systems Inc. Announces Results of Investigation Into $250,000 Note to Pacific Park Investments LLC

LONDON, UNITED KINGDOM--(Marketwired - Nov 22, 2013) -  InterActive Leisure Systems Inc. (OTC Pink: IALS) ("IALS") has completed the investigation into a $250,000 note that the company purportedly issued to Pacific Park Investments LLC on October 3, 2009. The investigation revealed a number of facts that lead to the conclusion that the note was fraudulent.

In April 2013 the former sole officer and director of Dukeshire Ventures Inc., (the former name of IALS) signed off on a corporate resolution to convert $33 thousand of the debt into 33 million shares of the company's stock. At the time this corporate resolution was signed the former sole officer and director of the company was no longer serving in those positions, or any position, at the company. This person also hid the fact that she had resigned her position from the attorney who reviewed the deal and wrote the opinion letter to the company's transfer agent who subsequently issued the stock.

Based on the foregoing, IALS has sent notifications to the recipients of the shares and requested the recipients to return the shares to the company for cancellation. IALS will give the recipients of the shares 180 days to return the shares before it takes legal action to regain ownership of the shares.

The company also announced today the following status updates concerning its previously announced acquisitions.

Travel Time Technologies, Inc. - After completing its due diligence the company has decided not to go forward with this acquisition.

Tech 7 Systems, Inc and T7 Acquisitions, Ltd. - As previously announced these acquisitions are on hold pending the resolution of the corporate issues discussed above and in the company's annual report. IALS hopes to be able to proceed with these acquisitions in the near future.

Purchase of Select Escapes family of domain names - This acquisition is on hold pending the resolution of the corporate issues discussed above and in the company's annual report. IALS hopes to be able to proceed with these acquisitions in the near future.

About InterActive Leisure Systems, Inc.
Interactive Leisure Systems Inc. is a technology company specializing in the global travel industry. The company intends to purchase an enterprise software platform for the marketing, sale and management of travel products and to use this platform to operate three distinct businesses. More information is available on the company's website at www.interactiveleisuresystems.com.

Forward Looking Statement:
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 - forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at InterActive Leisure Systems Inc.'s stage of development. All such forward looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact Information