CLEARWATER, Fla., Sept. 6, 2011 (GLOBE NEWSWIRE) -- ALAS International Holdings, Inc.(Pink Sheets:VDSC) has received notice of approval from International Lending Group for a $6 million dollar loan to be used for repositioning of vessels, the expansion of operations and funds toward the acquisition of a new vessel for the SAENZ Corporation, a wholly owned subsidiary of ALAS. As previously reported in June of this year, we signed an agreement for the loan conditional upon completing the normal Due Diligence requirements which has been completed.
Peter Villiotis, CEO of SAENZ, who has served for the last 18 years as Director of Technical operations of Carnival Cruise Line stated, "We're excited to finally move forward with the financing, which will enable us to put back to work nearly $20 million is assets, which have been sitting idle in anticipation of their move from the Mediterranean to the Caribbean. Revenue from operations in the Mediterranean grew slightly from $4.3 million to $4.5 million and we were profitable in both years with profits growing from $894,000 to $1 million and we're excited to be brining the ships to the Caribbean."
Captain A. Karavias, President and founder of SAENZ stated, "Competitors in the Mediterranean market have experienced a decrease in revenue over the last few years primarily due to economy and specifically due to the large number of charter operators in the Greek Islands. However we have always maintained a profit, we expect to return to the higher revenue and profit we have experienced in the past by taking advantage of the market in the Caribbean and will reposition our yacht charter operations to Florida.
"According to the notice of approval for this asset based loan, we are moving forward with the required documentation and expect to have a closing within 45 days."
Edwin Salmon, ALAS CEO stated, "The funds will allow us to reposition and expand our assets into the Bahamas and Caribbean and operated from our SAENZ offices located in FT Lauderdale, Florida under the direction of SAENZ CEO Peter Villiotis."
About ALAS International Holdings, Inc.:
ALAS International Holdings, Inc., a Nevada corporation, is an international project financing and holding Investment Corporation, which owns and operates through its two wholly owned subsidiaries, Redtide Defense Group, Inc., which is a manufacturer of UAV (Unmanned Aerial Vehicles and SAENZ Corporation which operates yacht charters and fun yacht day excursions.
Safe Harbor Act Disclaimer: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.