SOURCE: Relm Holdings Inc.

September 10, 2009 12:24 ET

RELM Holdings Inc. Posts 2nd Quarter Financial Statements

WILMINGTON, DE--(Marketwire - September 10, 2009) - RELM HOLDINGS INC. (PINKSHEETS: RELM) posted its Second Quarter Financial Statements ending June 30, 2009, on two websites: and

RELM has consolidated Access Versalign Inc. (AVI) and RELM Real Estate Holdings Inc. and management has made adjustments. RELM financials reflect the acquisition of AVI and its merger with Versalign on February 20, 2009.

The second quarter 2009 results were primarily driven by government and private sector contracts for services and product sales that produced total revenue of $1.1 million through June 30, 2009. These transactions allowed the company to finish the second quarter with EBITDA of $142,680, and a pretax income of $24,245.

The Financial Statements also describe recent developments and some key actions that RELM is taking. Some of the highlights include:

--  On July 8, 2009, RELM met all of the contractual obligations and
    completed the acquisition of Access Versalign in a share exchange. By year-
    end 2009, RELM Shares will be distributed to AVI Shareholders who were RELM
    Shareholders prior to the acquisition.
--  Because of the AVI acquisition, RELM approved the issuance of an
    additional 315 million shares of restricted RELM stock to AVI shareholders.
    Each AVI shareholder of record before the acquisition will receive 14.2
    shares of RELM for each share of AVI that he/she received in the spin-off.
    Again, the shares are scheduled to be delivered before year-end 2009.
--  AVI is in talks to acquire four (4) information technology services
    companies. These acquisitions are intended to increase AVI's geographic
    reach, expand the suite of service offerings and provide organizational
    scale and operational efficiency.
--  RELM Real Estate Holdings Inc. has reopened talks with a new property
    owner to purchase a major real estate asset and is separately negotiating
    with other parties to purchase multi-family apartment projects.
--  A major shareholder has entered into a Debt Wrap Agreement with an
    accredited investor and this arrangement could help provide additional
    liquidity for the Company's operations.
--  Gwendolyn C. Johnson resigned from the Board of Directors and
    currently serves as a consultant in the role of staff Executive
    Administrator, until additional staff members are hired.

About AVI

AVI was organized in 2008 and in 2009 acquired Versalign Inc., which was founded in 1985 and currently provides targeted Information Technology solutions for corporate, professional and governmental clients in the Mid-Atlantic region. AVI provides RELM with new top management plus it increases the employee base to over 25 employees. This acquisition gives RELM access to cash flows and expanded business opportunities in the information technology industry. For more information about Versalign, please visit

About RELM

RELM was incorporated to acquire operating businesses and is now a holding company with a primary focus on financial and information technology services along with real estate. The Company bases its business model on the acquisition of synergistic businesses with the capability to support and compliment its financial and technology products. RELM intends to lead a vertically integrated family of companies that will provide full solutions for its affiliates and clients, such as underwriting, servicing, raising capital, and commercialization, while securitizing and guaranteeing its products in the marketplace. Since 1994 the Company has conceived, designed, and developed innovative, new products that "absorb asset risk." For more information about the Company, please visit


The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond the control of the company, which include the ability of the company to implement its newly expanded business model or acquire businesses and real estate, actual results may differ materially from the expectations expressed in the forward-looking statements.

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