CLEARWATER, FL (PRWEB) July 17, 2003
Summit National Consolidation Group, Inc. (Pink Sheets:SMNC) proudly announces the settlement of court proceedings with Walter Davis and the full recognition of the board of directors under CEO Mario Quenneville.
"This is a watershed event in the history of the company," said Mario Quenneville, President and CEO of SMNC. "The will of the shareholders has been recognized, true authority of the company has been realized, and the bankruptcy has been proclaimed false and the proceedings have ended. The matters pertaining to the old management are over and we can concentrate solely on the business of the company; I want to capture five percent of the wipes market in the United States this year."
SMNC and Walter Davis agree the shareholders meeting in Clearwater, Florida on May 28, 2003 was duly noticed, called and held, and resulted in the shareholders validly ratifying the action of shareholders taken August 15, 2002, replacing the previous Board of Directors of SMNC except Walter Davis with a new Board of Directors consisting of Mario Quenneville, Laurie Kay Quenneville, Michael Ciaramello, and Frank Ciaramello and validly removing all existing officers of Summit. The new Board of Directors appointed Mr. Quenneville as President and CEO of Summit.
All members of Walter DavisÂ Group expressly resign all offices and directorships held in SMNC and its subsidiaries. The Davis Group withdraws opposition to the pending Motion to Dismiss the proceeding for relief under Chapter 11 of the Bankruptcy Code, and its motion for confirmation of the proposed Chapter XI plan.
Additionally, Walter Davis shall surrender and release a $90,000 promissory note, payable to his order and executed by him for SMNC and signed by Mr. Quenneville for Interlabs.
This release contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Forward-looking statements may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," "should" or "might" occur. Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized.
CONTACT: Summit National Consolidation Group, Inc.