American Community Development Group, Inc. and Wialan Technologies, Inc. Complete Merger Transaction
August 29, 2013 --
TAMPA, FL -- (Marketwired) -- 08/29/13 -- American Community Development Group, Inc. (OTC Pink: ACYD) (or the "Company") is pleased to announce today that it has been acquired by Wialan Technologies LLC, ("Wialan") and that the officers and directors of Wialan have assumed control over the company as of today's date. A conference call with the new management team will be held for ACYD/Wialan shareholders with a tentative date of September 12, 2013, more details on the conference call to follow on the website (www.wialan.com).
The newly formed company will continue operations as Wialan Technologies, LLC but will continue to be traded as "ACYD" until new registration is made with the Securities and Exchange Commission to formally change the operating and trading name to Wialan Technologies, Inc.
Wialan's existing executive management team which is comprised of Timothy Peabody, Chief Executive Officer; Michael P Connor, special advisor and Victor Tapia, Vice President will remain in place post acquisition. Effective August 29, 2013, John Folger former President and Chief Executive Officer of the Company and Alan Bailey former Chief Financial Officer have resigned as officers of the company.
An equity line financing agreement has been entered into by Wialan with an internationally known finance company which will provide Wialan with access to US$10,000,000 in funding. Wialan will use funds from this investment agreement to fund its expansion strategy.
"The successful completion of the merger represents a major milestone for Wialan, we are positioned for growth," commented Timothy Peabody, Chief Executive Officer. "The Equity Line Facility will allow us to access funds to continue our expansion in the current markets and enter into new markets domestic as well as international. I look forward to updating our shareholders on our progress and milestones in the future," concluded Mr. Peabody.
About Wialan Technologies
Wialan, a next generation Wireless telecommunications provider, is poised for exponential growth from their 5 years of successful R&D, sales and installations of their impressive WIFI solutions spanning 10 countries. They have established a track record of successful installations in airports, municipalities, apartment buildings, parks, marinas and other locations that require a superior and more robust communication footprint than conventional WIFI providers. Among the outstanding features available with Wialan's wireless 802.11n 300 Mbps solutions is the capability of real-time live color video streaming for many simultaneous end-users, which can help companies with video on demand services, like Netflix, to deliver their services wireless without using the Internet.
About Timothy Peabody
For the past ten years, Mr. Peabody has been an investor and an executive in the wireless technology arena including involvement with ISAT Platform, Inc. a satellite internet technology company located in Orlando, Florida. Mr. Peabody also served as the Chief Executive Officer for Starconnect, LLC, a satellite internet technology company located in Clearwater Beach and Sunrise, Florida.
About Victor Tapia
For the past twenty seven years, Mr. Tapia has been involved in the field of telecommunications, including fifteen years with GTE (now Verizon), six years with Pairgain Technologies as Director of Sales for Latin America and the Caribbean, and three years with New World Network (now Columbus Networks) as Executive Vice President of Sales. Recently, Mr. Tapia has been involved with various wireless technology companies, including ISAT Platform, Inc. as Executive Vice President of Sales for Latin America and the Caribbean, co-founder and Chief Operating Officer of Starconnect, LLC, and co-founder of Wialan Technologies
About Michael Connor
Mike is founder, President and CEO of Paradise Development Group, Inc. in Florida. He leads all aspects of Paradise's strategic planning. In addition to cultivating and managing key retail relationships, Mike oversees the financing and capital structures of Paradise's projects nationwide and manages the company's equity partner relationships.
Safe Harbor: Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings. For additional information, visit the websites below or contact the undersigned directly:
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