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Oncology Med, Inc., to Merge with Haz Holdings, Inc.: The Company to Focus on the Full- and Mid- Service Hotel Industry
Business Wire "US Press Releases "
SEATTLE--(BUSINESS WIRE)--
Oncology Med, Inc. (OTC:ONCM) ("Oncology Med" or the "Company"), today announced that it has entered into an agreement to merge a wholly-owned subsidiary of the Company into Haz Holdings, Inc., a Delaware corporation ("Haz Holdings"), and rename the Company, "Haz Holdings, Inc." The agreement provides that all of the shares of common stock of Haz Holdings will be exchanged for not less than 80% of Oncology Med's outstanding common stock at the closing of this merger transaction. The closing of the agreement is conditioned upon the completion of customary due diligence.
Haz Holdings owns and manages three mid-scale, full-service hotels in the United States and Canada, under the brand names "Hotel Marquis & Suites" and "Marquis Inn & Suites." Its existing portfolio, the 174-room Hotel Marquis and Suites Intercontinental Airport hotel in Houston, Texas, the 203-room Hotel Marquis Airport in San Antonio, Texas, and the Marquis Inn & Suites, a 30-room economy hotel with 70 recreational vehicle units in Edmonton, Alberta, Canada.
Haz Holdings' five year business plan is to increase its hotel ownership portfolio while concurrently franchising hotels under its brand names. Near term strategy is to acquire properties at below replacement value and leverage its holdings toward further expansion. Karim Bhanji, CEO of Haz Holdings Inc., elaborated, "We intend to primarily focus on the expansion of Haz Holdings' operations and real estate portfolio in terms of both hotel ownership and franchises."
Management for Haz Holdings estimates its hotel portfolio current market value of $16 million dollars. Haz Holdings estimated 2006 year revenue of approximately $4 million dollars.
Additionally Haz Holdings wholly-owns four subsidiary businesses: Mortgage and Financial Institute, LLC, an early stage mortgage broker in commercial and residential lending in Washington and Alaska, Nationwide Hotel Management, LLC, a hotel management company, KB Realty Group International, LLC, a commercial and residential real estate sales company, and Evergreen Sound Construction, LLC, a commercial and residential development company.
Steve Careaga, CEO of Oncology Med, stated, "We are excited to have reached this agreement and to bring this opportunity to the Company's shareholders."
The Company also announced that, based on due diligence of the Company and GAK Acquisition Corp. ("GAK") pursuant to the prior merger agreement between the Company and GAK, dated March 17, 2006, under which the Company changed its name from "Nannaco, Inc.," to "Oncology Med, Inc." (the "GAK Merger"), the Company and GAK mutually terminated the GAK Merger.
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