BOCA RATON, Fla., April 18, 2013 /PRNewswire/ -- Novation
Holdings (OTCQB:NOHO) today announced that it has acquired the
operating assets and business of a California-based restaurant development and
operating group. The acquired business operates a
local-themed, entertainment focused bar and restaurant in
Temecula California and plans to
start additional, local themed entertainment restaurants in
Southern California, Arizona, Texas and possibly Florida over the next three years. The
acquisition was in exchange for a combination of NOHO stock, debt
and assumption of notes. According to Michael Gelmon, CEO of Novation Holdings, "This
acquisition will allow us to continue our acquisition plan to
identify growing, profitable businesses which we can acquire and
then transfer to existing public companies for a controlling
interest. We anticipate having NOHO as the controlling parent
of 4 or 5 separate public companies which it will manage through
its administrative support division, and the acquisition of this
restaurant development operation will lead to the second,
controlled public subsidiary for NOHO."
The acquired company operates House Bar & Grill, which is
already profitable after only a few months of operations, and NOHO,
through its soon to be acquired public subsidiary, plans to open
multiple operating units nationwide, and possibly in Canada, either as corporate stores or as
franchises to accelerate growth. The new administrative subsidiary
of NOHO also will provide in-house financial services, including
accounting, bookkeeping, budget, financial statement preparation,
preparation of SEC periodic filings, EDGAR filing conversion, XBRL
filings, banking support and similar services, as well as
"in-house" corporate counsel services, compensation management
support, HR, IT support and other such services to the newly
acquired public subsidiary as well as to the restaurant group.
FORWARD LOOKING STATEMENT
Certain statements contained herein and subsequent oral
statements made by and on behalf of Novation Holdings, Inc. may
contain "forward looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward
looking statements are identified by words such as "intends",
"anticipates", "believes", "expects", and "hopes" and includes,
without limitation, statements regarding Novation Holdings, Inc.'s
plan of business operations, product research and development
activities, anticipated revenues and expenses and potential
contractual arrangements and obligations. Also, our management may
make forward-looking statements orally to investors, analysts, the
media and others. Any statements made in this news release about an
action, event or development, are forward-looking statements. Such
statements are based upon assumptions that in the future may prove
not to have been accurate and are subject to significant risks and
uncertainties. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company. These risks and others are included from
time to time in documents we file with the Securities and Exchange
Commission, including but not limited to, its Form 10-Ks, Form
10-Qs and Form 8-Ks. Other unknown or unpredictable factors also
could have material adverse effects on our future results.
Accordingly, you should not place undue reliance on these
forward-looking statements. Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, it can give no assurance that its forward-looking
statements will prove to be correct. Investors are cautioned that
any forward-looking statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected. The forward-looking statements in
this press release are made as of the date hereof. The Company
undertakes no obligation to update or correct its own
forward-looking statements, except as required by law or those
prepared by third parties that are not paid by the Company. The
Company's SEC filings are available at http://www.sec.gov.
Contact:
Contacts:
Novation Holdings, Inc.
Media Department
media@novationholdings.com
SOURCE Novation Holdings