CLEARWATER Fla., June 22, 2011 (GLOBE NEWSWIRE) -- ALAS International Holdings, Inc. (Pink Sheets:VDSC) has entered into an agreement with International Lending Group to secure a $6 million loan to be used for repositioning of vessels, the expansion of operations and funds toward the acquisition of a new vessel for the SAENZ Corporation, a wholly owned subsidiary of ALAS. The loan is conditional upon completing the normal Due Diligence requirements.
SAENZ has offices in Ft. Lauderdale, England, Greece and Turkey, operating and profitable for 25 years in the Mediterranean area chartering their own fleet of yachts, and will reposition 2 of their fleet to begin operations in the Bahamas.
Peter Villiotis, CEO of SAENZ, has been in the yacht charter and cruise business for over 25 years and has extensive experience operating in the Bahamas and Caribbean markets.
Edwin Salmon, ALAS CEO, stated, "The funds will allow us to reposition and expand our assets into an area that is more economically robust than is the eastern Mediterranean."
About ALAS International Holdings, Inc.:
ALAS International Holdings, Inc., a Nevada corporation, is an international project financing and holding investment corporation, which owns and operates through its two wholly owned subsidiaries, Redtide Defense Group, Inc., which is a manufacturer of UAV (Unmanned Aerial Vehicles), and SAENZ Corporation, which operates yacht charters and fun yacht day excursions.
Safe Harbor Act Disclaimer: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
CONTACT: Investor Relations Edwin Salmon 727-736-4724 edwin.salmon@gmail.com