For the past years, the Asia Amalgamated Holdings has suffered losses which resulted to a deficit of P826,994,585 as of December 31, 2011. These conditions, among others, indicate the existence of the material uncertainty, which may cast significant doubt about the Group's ability to continue as a going concern and therefore, it may be unable to realize its assets and discharge its liabilities in the normal course of business. With this situation, the management is already contemplating to sell the Parent Company as a shell company to possible willing investors.
In preparation to this, the Board of Directors of the Registrants recommends the sale, transfer- and assigmnent of all receivables, properties, rights, claims and causes of action they have against other parties to Charlston Realty Co., Inc to start cleaning up its books.
The transfer and assigmnent is still in the negotiation stage, thus no final date, terms and condition as of to date. Likewise, the recommendation for the proposed transaction is still subject of the approval of the stockholders in a meeting to be held.
Charlston Realty Co., Inc. is a corporation engaged in the business of Real Estate Development with principal address at No. 393 Adela St., San Miguel Manila. Charlston Realty Co., Inc or CRCI is willing to take the risk of buying out the non-cash assets, properties of the Group and assume all its obligations and liabilities and is willing to pay an additional amount as Purchase Price.
Ms. Eleanor J. Padagdag and Ms. Evelyn P. Mesina, the directors and officers of Charlston Realty Co., Inc. are the independent Directors of Asia Amalgamated Holdings Corporation since 2009. As of to date, Charlston Realty Co., Inc., or CRCI is in the process of increasing its capitalization to position itself in developing properties that may be assigned to it or which may acquire in the future.
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