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RELM to Spin-Off First Access Partners to Form New IT Company

2008-08-04 13:40:00

RELM to Spin-Off First Access Partners to Form New IT Company

    WILMINGTON, Del., Aug. 4 /EMWNews/ -- Relm Holdings Inc.

(Pink Sheets: RELM) ("RELM" or the "Company") today announced that it

expects to spin-off its subsidiary, First Access Partners Inc. ("FAP"), to

a newly formed company, Access Versalign Inc. ("AVI").

    Concurrently with the spin-off, FAP is expected to merge with Access

Channel Inc. and the combined entity will retain the name of Access Channel

Inc. and be a wholly-owned subsidiary of AVI.

    Upon the closing of the merger, AVI is expected to acquire Versalign

Inc. ("Versalign"), under the terms of a letter of intent signed July 2008.

Versalign, which will also be a wholly-owned subsidiary of AVI, is an

information technology company that delivers technology and consultative


    Under the spin-off, RELM shareholders of record, as of the close of

business September 1, 2008, are expected to receive 1 new share of common

stock in AVI for every 58 (approximately) shares of common stock they own

in RELM, thereby representing approximately 45% of the outstanding shares

of AVI, on a fully diluted basis.

    The spin-off is expected to occur by mid-September 2008, with the

closing of the Versalign acquisition to be completed upon shareholder

approval and the satisfaction of the other conditions under the letter of


    AVI plans to list on the OTCQX after it conducts a new capital raise to

commercialize FAP's proprietary financial modeling software.

    This spin-off to AVI and the new capital raise are expected to allow

the commercialization of the FAP software, which was designed in 1996 and

copyrighted in 1999. The software is designed to originate, securitize,

service, and structure debt transactions and to provide total transparency

to the debt transactions on a daily basis. This transparency is designed to

provide an alert up to 24 months in advance of any legal default, and thus

contribute to the mitigation of default risk for the life of the

transaction. AVI plans to prepare the FAP software for commercial use and

introduce it in the year 2009 for the financial and business sectors.

    On a pro-forma basis, for 2007, the AVI companies produced

approximately $2.5 in gross revenue with EBITDA of approximately $385,000.

    The spin-off is expected to allow RELM to focus on its core business.

    About Relm Holdings Inc.

    The Company's core business is the acquisition of commercial

revenue-producing real estate property. For more information about the

Company and its Relm Real Estate Holdings Inc. subsidiary and their pending

transactions, please visit

    About First Access Partners.

    The Company's subsidiary First Access Partners Inc. was founded in 1999

and has a copyright for its proprietary financial modeling software. The

FAP software was designed to securitize, originate, service, structure debt

transactions and to provide total transparency to the debt transactions on

a daily basis. This transparency is designed to provide an alert in

advance, and thus avoid any legal default on the debt transactions for up

to 10 years. Currently, the FAP software is utilized by one customer. The

software has enabled this customer to keep their operating costs very low.

The spin-off should assist First Access Partners to expand its customer


    About Versalign Inc.

    Versalign, which was founded in 1985, currently provides targeted

Information Technology solutions for corporate, professional and

governmental clients in the Mid-Atlantic region. Versalign provides Network

Support and Integration, IT Security and Remediation, Professional

Placement, Desktop Support and IT Logistics Services. Versalign maintains

expertise in Microsoft, Novell, Citrix, BlueCoat, Packeteer, Fortinet,

Cisco, Checkpoint, Hewlett-Packard, IBM, Unitrends, Symantec and Dell

Products. For more information about Versalign, please visit

    Safe Harbor

    The Private Securities Litigation Reform Act of 1995 provides a safe

harbor for forward-looking information made on the company's behalf. All

statements, other than statements of historical facts which address the

company's expectations of sources of capital or which express the company's

expectation for the future with respect to financial performance or

operating strategies, can be identified as forward-looking statements. Such

statements made by the company are based on knowledge of the environment in

which it operates, but because of the factors previously listed, as well as

other factors beyond the control of the company, which include the ability

of the company to implement its business plans and spin-off its subsidiary,

actual results may differ materially from the expectations expressed in the

forward-looking statements.

Contact: Relm Holdings Inc. [email protected] 200 West Ninth Street, Suite 314 Wilmington, DE 19801 Tel: 302-778-4222

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Blake Masterson

Freelance Writer, Journalist and Father of 5

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