Southern States Sign Company Completes Reverse Merger Transaction with Conte Rosso & Partners S.r.l.
NEW YORK, Nov. 13, 2012 /PRNewswire/ -- Southern States Sign Company (OTC Bulletin Board: SOST) announced today that on November 1, 2012 it consummated a "reverse merger" with Conte Rosso & Partners S.r.l, an Italian limited liability company ("CR&P"), in which the Company acquired all of the assets of CR&P (the "Merger").
Prior to the consummation of the Merger, the Company was not engaged in any trade or business. CR&P is active in the hospitality business and currently owns five top class boutique hotels in Italy. Following the Merger, the Company will own and operate the hospitality business related to CR&P's five boutique hotels. In addition, the Company has added the following new directors to its board of directors: Mr. Marco Milli, Mr. Charles Gargano and Ms. Dorothy (Dottie) Herman.
Antonio Conte, Chief Executive, said, "We intend to build an international hotel group owning high quality boutique and other hotels where we can bring the Italian style to bear to create a special experience. We have identified a number of Italian and international opportunities to simply acquire exciting properties but also where development will significantly enhance their attractiveness. Our team is geared up to move us forward rapidly and to create real value."
Additional information regarding the Merger and the new directors are set forth in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 7, 2012.
About Conte Rosso & Partners S.r.l
CR&P is involved in the hospitality business. CR&P currently owns hotels and resorts in Padova, Italy, Rome, Italy and Ostuni Brindisi, Italy. Collectively, these properties feature approximately 520 hotel rooms and suites as well as restaurants, conference rooms, spas and golf courses. The portfolio of hotel properties provides CR&P with a diverse geographic footprint across Italy. CR&P's mission is to invest in upscale and luxury hotel properties in Italy and abroad where CR&P can exploit management's long term experience in providing authentic Italian hospitality.
This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
SOURCE Southern States Sign Company