This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

LMK Global Resources Inc., Enters Into Share Exchange Agreement For Corporacion Ygnus Air, S.A.; Changes Name To Alas Aviation Corp. And Changes Ticker Symbol To ALAS (OTCQB)

SNELLVILLE, Ga., Aug. 25, 2013 /PRNewswire/ -- LMK Global Resources Inc., (OTCQB: "ALAS," formerly "VERL") today announced that on June 22, 2013, it entered into a share exchange agreement with Arnold Leonora and Air Transport Group Private Equity, Inc. ("ATG") for full financial ownership rights and control of Madrid, Spain based Corporacion Ygnus Air, S.A. ("Cygnus") and agreed to change its name to Alas Aviation Corp. and apply to change its common stock ticker symbol from VERL to ALAS.  Cygnus operates two Boeing 757-200 cargo jets under "Wet Lease" Aircraft Crew Maintenance Insurance contracts with Iberia Airlines and TNT Express out of Madrid, Spain and Liege, Belgium, with 2012 Deloitte & Touche Audited revenues of 19.55M Euros or $25.4M.

(Photo:   http://photos.prnewswire.com/prnh/20130825/CL69150 )

Under the agreement the 40 plus employee Cygnus, founded in 1994, becomes LMK/ALAS' first aviation operating company subsidiary.  The transaction has closed into escrow pending ATG's delivery of a PCAOB certified financial audit which meets US accounting standards, and is expected to be completed by mid September, and the successful refinancing of old Cygnus debt guaranteed by former shareholders by October 31, 2013.  Failure to secure refinancing by the October 31 deadline could prevent ATG and Leonora from delivering Cygnus shares to ALAS unencumbered if an extension cannot be obtained from Cygnus' former controlling shareholder Imesapi, S.A., a member of Grupo ACS, a large publicly traded Spanish construction services conglomerate. In furtherance of the agreement signed by LMK CEO Frank Dreschler, Leonora has replaced Dreschler as CEO and  Leonora is appointing a new leadership team.  Upon completion of the audit, the refinancing, and the closing out of escrow, Leonora and his teams at the ALAS and Cygnus levels plan to put their organic and acquisition growth plans into action which call for the addition of new cargo planes and a relaunch of Cygnus passenger services to various locations worldwide and the acquisition of other regional cargo and passenger airlines globally. 

"We are very pleased to complete the share agreement and to move forward with finalizing our acquisition plans," said Arnold Leonora, CEO of Alas Aviation Corp. "This acquisition represents an exceptional opportunity for us to acquire high margin assets at a value that offers us the opportunity to leverage cost efficiencies while serving as a foundation upon which to expand our routes and our global footprint," he continued.

About Alas Aviation Corporation

Alas Aviation Corp. (ALAS) is a niche operator of air cargo and related ground service operators through its sole operating subsidiary Corporacion Ygnus Air, S.A. ("Cygnus"). Cygnus operates two Boeing 757-200 cargo jets under "Wet Lease" Aircraft Crew Maintenance Insurance ("ACMI") contracts with Iberia Airlines and TNT Express out of Madrid, Spain and Liege, Belgium. ALAS seeks to maximize shareholder value through organic growth and strategic acquisitions both regionally and globally.

Safe Harbor Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks, including those set forth in the Company's current reports filed with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and the Company undertakes no obligation to update such statements.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs