SOURCE: Greenway Technology
LAS VEGAS, NV--(Marketwire - Oct 23, 2012) - GREENWAY TECHNOLOGY (the "Company") (PINKSHEETS: GWYT) today announced that that the Robert Semingway Trust has sold 150,000,000 of the Company's common shares to Bernard A. Fried, vesting in Mr. Fried control of the Company, its board of directors and its affairs. Pursuant to the terms of the Stock Purchase Agreement that closed on October 23, 2012 (the "Agreement"), Mr. Fried was appointed to our Board of Directors and has agreed to serve as our president and chief executive officer. Kevin Holbert, who had previously served as our president and sole director, has resigned as our president but has agreed to remain on our Board and serve as our senior vice president and chief operating officer.
Mr. Fried brings over thirty years of telecommunications, Customer Relationship Management, and contact center experience in entrepreneurial and enterprise settings to our Company. He has applied his business development, operations and sales skills to consult with Fortune 1000 and international companies in the US, India, the Philippines and Australia. His clients have included, American Electric Power, AT&T, Capital One, Telstra and Nippon Telephone. He recently served as President and CEO of Flint Telecom Group, Inc., an international telecom technology and services organization delivering next-generation IP communications products and services. He currently operates Andalusian Resorts, LLC ("Andalusian"), a development stage company which intends to be engaged in the operation of an exclusive chain of resorts and spas. Once we have fully assumed the operations of Andalusian, Mr. Fried has agreed to devote his full time efforts towards our affairs.
Mr. Fried currently serves on the board of directors of the United States Internet Industry Association and received his MBA with honors from Pace University in New York in 1983.
The Agreement requires the Company to acquire Andalusian from Mr. Fried, who had been its sole member. Andalusian intends to operate a chain of upscale resorts and spas under the flag, Andalusian Resorts and Spa. Our concept envisions a chain of luxury boutique resorts catering to the adult alternative lifestyle, with an anticipated closing of our first property during the fourth calendar quarter of 2012.
Matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on various assumptions and involve substantial risks and uncertainties, including, without limitation, those relating to the integration of Andalusian into the Company, the execution of its business plan and its ability to procure the financing necessary to do so.