WILMINGTON, Del., Aug. 27 /PRNewswire-FirstCall/ -- Relm Holdings Inc. (Pink Sheets: RELM - News; "RELM" or the "Company") today provides an update regarding the expected spin-off of its subsidiary, First Access Partners Inc. ("FAP"), to a newly formed company, Access Versalign Inc. ("AVI").Concurrently with the spin-off, FAP is expected to merge with Access Channel Inc. and the combined entity, retaining the name of Access Channel Inc., will be a wholly-owned subsidiary of AVI.
Upon the closing of the merger, AVI is expected to acquire Versalign Inc. ("Versalign"), under the terms of a letter of intent signed July 2008. Versalign, which will also be a wholly-owned subsidiary of AVI, is an information technology company that delivers technology and consultative solutions.
Under the spin-off, RELM shareholders of record, as of the close of business September 15, 2008, are expected to receive 1 new share of common stock in AVI for every 58 (approximately) shares of common stock they own in RELM, thereby representing approximately 45% of the outstanding shares of AVI, on a fully diluted basis. The payment date is expected to occur on October 15, 2008. Shares of AVI are expected to be mailed out to Shareholders of record as of September 15, 2008.
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