NORTH PALM BEACH, Fla., Feb. 14, 2011 /PRNewswire/ -- The principal senior executive officers of Distribution Management Services, Inc. (Pink Sheets: DMGM) are pleased to announce new beginnings.
On January 31, 2011, DMGM was re-domesticated to Delaware that effectively becoming "DMS Florida, Inc." DMS Florida became a holding company pursuant to section 251(g) of Delaware's General Business Corporation Law; whereby, DMS Florida, DMS Merger Subsidiary, Inc., and Corporate Management Solutions, Inc. ("CMS") were merged. CMS survived the merger and DMS Florida (formerly Distribution Management Services, Inc. of Florida) remains as the company's subsidiary.
The company's board of directors has notified the Financial Regulatory Authority ("FINRA") and OTC Markets Group of the changes in the company's structure, and it is awaiting the update of its symbol and information on the OTC Markets' system.
As we await FINRA's issuance of a new symbol and recognition of the new name on the site of its primary quotation venue, it continues to trade over-the-counter under the symbol "DMGM."
The company's principal senior executive officers met with the owners of Blake's Inn in Las Vegas last week. It should be noted the Blake's Inn property represents significant other businesses; namely, Tina's Angels, an adult-oriented theme nightclub, and the Pho-97 Restaurant, which will be re-branded upon completion of the acquisition by CMS of the Blake's Inn property. Also, CMS will be approved to build on an adjacent lot that is zoned for 18 high-end apartments and retail rental space.
This week, the company's principal senior executive officers are in Florida and are aggressively working with the CapitalSource Bank, the property's principal lender, and with the Board of Directors of Blake's Double D, Inc., the current owners of Blake's Inn, to culminate the pending transaction.
CMS is working with Panetta Development Corp. of North Palm Beach, Florida, which has been a general contractor licensed by the State of Florida for over 10 years, with over 40+ years of global development experience. Mr. Panetta's firm will be engaged to rehabilitate and refurbish Blake's Inn and to construct the new residential, commercial, and hospitality amenities (which will include pool, spa, and gymnasium facilities), which CMS intends to develop. A few of Mr. Panetta's former developments have been the Port of Palm Beach (Florida), the Jupiter Harbor Marina (Florida), the Mariner's Club (Key Largo, Florida), the Westchester Golf Course (Boca Raton, Florida), among significant others. (For further information as to Panetta Development Corp., we invite you to call the company at (561) 262-0056.)
CMS' Board of Directors is currently preparing the necessary documents to register its securities under the Securities Act of 1933.
This is just the first step in our new beginning. Congratulations! to those who held-on and have firmly stood for our new future. While the company's management cannot make assurances as to its future profitability, CMS' senior executive management is making every effort to provide its shareholders with a value greater than its former fiscal and operating position.
For additional information, CMS invites its stockholders and prospective investors to contact Michael P. Grande or Randolph S. Hudson, at the company's principal executive offices, the number of which is (585) 360-2010.
Of course, the company seeks "safe-harbor" of its statements made hereinabove.
SOURCE Distribution Management Services, Inc.