SOURCE: Ramoil Management, LTD.
CLEARWATER, FL--(Marketwired - Apr 9, 2014) - RAMOIL MANAGEMENT, Ltd (OTC Pink: RAMO) (PINKSHEETS: RAMO), announces that it has terminated the acquisition of Terlyn Technologies, Inc.
In connection with the termination of the acquisition, Lynn Rushmore and Terence Rushmore have resigned from their positions as officers and directors and have returned the stock they received in the acquisition to its original owner. Also, Lynn Rushmore has cancelled his convertible promissory note due from the Company and James D. Schivley has cancelled his consulting agreement and resigned as a director.
Finally, Michael J. Goeree has been reinstated as Ramoil Management's Chairman, President and Chief Executive Officer (CEO). Mr. Goeree stated: "I believe the Terlyn Technologies business will be treated as discontinued operations, as we take the Company's business in a new direction. We intend to implement a new business model over the next 30 days. During this period, all restructuring scenarios will be considered, if deemed necessary."
About Ramoil Management, Ltd.
Ramoil Management, Ltd. (RAMO) is a development stage company. The company has identified a new business direction and will be announcing this in the near future.
Forward Looking Statements:
This news release contains forward-looking statements made by RAMOIL MANAGEMENT, LTD. in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such statements included in this press release, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements. The following risk factors, among others, could cause actual results to differ materially from those described in any forward-looking statements. These risks and uncertainties include, but are not limited to, economic conditions, changes in the law or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward looking statements. Forward-looking statements are typically identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events.