SOURCE: American Community Development Group
TULSA, OK--(Marketwire - Aug 28, 2012) - American Community Development Group, Inc. (PINKSHEETS: ACYD)
Southbridge Advisory Group is pleased to announce that the Board of Directors of American Community Development Group Inc. approved a detailed Internal Reorganization that has resulted in the Board having full control of operations, and the appointment of David Gray as Chief Operating Officer along with his current duties as Chief Financial Officer and Director.
On August 8, 2012, the Company's Board of Directors ("The Board") approved the following Company Internal Reorganization that was effective immediately.
- The Board has taken full control of the Company's operations with the Officers and Managers complying with specifically defined requirements and controls established by the Board. The new requirements and controls will remain until such time as appropriate Company profitability has been created. The Officers and Managers are to provide to the Board weekly reporting relating to the Company's finances, operations and other pertinent events that affect the Company.
- As Chief Operating Officer, the Board authorized and delegated to Mr. Gray the duties of all day to day operations. As Chief Financial Officer, the Board confirmed that Mr. Gray henceforth has the duties of financial management including complete accounting, cash-flow responsibility and Company cash accounts control.
- Current independent Director Brant Doell was appointed to Company Financial Overview. The Board is to conduct financial review meetings monthly.
- The Board confirmed the primary focus henceforth of John Folger as the Chief Executive Officer and Director is continued Company business development and corporate growth, the continued sourcing of appropriate capital for acquisition and working capital, strategic planning and shareholder value enhancement.
- The Board will appoint additional independent Directors as future assets and revenue acquisitions are in place.
- The Board also agreed that it would allow its Transfer Agent, ClearTrust, LLC, to provide updated share structure information to bona fide company shareholders.
Southbridge Advisory Group, Inc. has been advising the Company's Board of Directors and Executive Officers on achieving the new corporate strategy of becoming a holding company through acquisitions.
About American Community Development Group, Inc.
American Community Development Group, Inc. is a for-profit corporation founded to provide economic support and management guidance to the non-profit community to assist their support of various economically distressed citizens. ACYD believes in the concept of "social entrepreneurship" as stewards of our investors' and our own resources while also creating strong economic returns on capital.
ACYD is acquiring interests in multi-family, affordable housing and other high occupancy commercial real estate properties. ACYD will break new ground as a national provider of these affordable housing services by specializing in residents that have been previously under-served.
About Southbridge Advisory Group, Inc.
Southbridge Advisory Group, formed in 1990, is a boutique management services firm focused in merger & acquisition advisory, capital advisory services, and management consulting services. Our focus is micro-cap and small-cap companies in both the private and public sector primarily in emerging growth companies or restructuring needs. The Company headquartered in Tulsa, Oklahoma serves clients throughout North America. For further information view our website, www.southbridgegroup.biz.