Vision Real Estate Management and Development, Inc.
(Pink Sheets: VRMD), today announced it anticipates closing on the
acquisition of OM Companies within the near future, upon the
completion of its due diligence which is in the final stages.
"Our company is poised to benefit not only from the acquisition of
OM Companies but also from other opportunities that have been
presented to the company;" stated Daniel J. Duffy, Vice President of
VRMD.
"We are very excited about the pending completion of the
acquisition of OM Companies, and all that entails in increasing
assets, revenues and earnings;" stated Donovan Rhoden, President and
CEO of Vision Real Estate Management and Development. "We believe that
we are placing VRMD and its shareholders in a position to take
advantage of the increasing strength and growth in the real estate and
related industries."
OM Companies, which consist of the following six corporations,
Jagdamba Corporation, Jagdamba Corporation II, Maha Laxmi Corporation
Maha Laxmi II Corporation, Ambica Corporation, Ambica II Corporation,
had combined revenues of over $7,500,000 in 2003 and net assets of
approximately $7,500,000. OM Companies are current owners of
franchised companies; Albany NY based Super 8 Motel, Saratoga Springs
NY Based Super 8 Motel, Albany NY Based Golden Corral Restaurant, and
Saratoga Springs NY Based Golden Corral Restaurant.