NEWPORT BEACH, CA--(Marketwired - Mar 9, 2017) - Saddle Ranch Media, Inc. (OTC PINK: SRMX) announced today that effective February 28, 2017 a change to the Company's control and management has occurred, together with an agreement to spin out its wholly-owned subsidiary and the African American Medical Network ("AAMN"), and an agreement to acquire SkyFidelity, Inc. The acquisition of SkyFidelity, Inc. is expected to close on or before March 15, 2017. As part of this change, Phil Cohen sold all of his holding of 1,000,000 of the Company's "Series B" preferred shares to The Shamrock Investment Trust, of which Timothy P. Peabody Esq. is the trustee, giving the Trust majority voting control of the Company.
Also on February 28, 2017, Phil Cohen resigned as Chairman, Chief Executive Officer and Director. Timothy P. Peabody was appointed Chairman, President, Chief Executive Officer and Director in his place. Alan Bailey will continue as Chief Financial Officer, Secretary and Director and will provide continuity during this transition process, as well as in the future.
Phil Cohen said, "I resigned purely as my decision to pursue other interests. I am delighted that Tim Peabody decided to take up the reins in my place. He is an experienced business entrepreneur and attorney. I am also pleased that the Company has agreed to spin out both Saddle Ranch Pictures, Inc. and AAMN, together with their respective assets and obligations."
Tim Peabody said, "I am thrilled to take over the Company reins. I wish Phil Cohen all the very best in his new ventures and to thank him for his stewardship of the Company to this point. I am also excited to fold in SkyFidelity, Inc. with its wholly-owned subsidiary, TriCasade, Inc. We plan to close this acquisition by March 15, 2017. With operations both in central and southern Florida, as well as in Taiwan, SkyFidelity is destined to become a world-class global multi-division technology company with its four operating divisions: Cloud Managed Services (IoT), Solar Power Solutions, Satellite Broadband, and WiFi Camera Security Surveillance (see www.skyfidelityinc.com). We will seek approval to change the Company's name and the trading symbol to better reflect our new business plan."
This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities of Saddle Ranch Media, Inc. (the "Company"). Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.