RELM Holdings Inc. to Spin Off First Access Partners to Form New IT Company UPDATE

RELM Holdings Inc. to Spin Off First Access Partners to Form New IT Company
UPDATE

WILMINGTON, Del., Aug. 27 /PRNewswire-FirstCall/ -- Relm Holdings Inc.
(Pink Sheets: RELM) ("RELM" or the "Company") today provides an update
regarding the expected spin-off of its subsidiary, First Access Partners Inc.
("FAP"), to a newly formed company, Access Versalign Inc. ("AVI").
Concurrently with the spin-off, FAP is expected to merge with Access
Channel Inc. and the combined entity, retaining the name of Access Channel
Inc., will be a wholly-owned subsidiary of AVI.
Upon the closing of the merger, AVI is expected to acquire Versalign Inc.
("Versalign"), under the terms of a letter of intent signed July 2008.
Versalign, which will also be a wholly-owned subsidiary of AVI, is an
information technology company that delivers technology and consultative
solutions.
Under the spin-off, RELM shareholders of record, as of the close of
business September 15, 2008, are expected to receive 1 new share of common
stock in AVI for every 58 (approximately) shares of common stock they own in
RELM, thereby representing approximately 45% of the outstanding shares of AVI,
on a fully diluted basis. The payment date is expected to occur on October
15, 2008. Shares of AVI are expected to be mailed out to Shareholders of
record as of September 15, 2008.
The spin-off is expected to allow RELM to focus on its core real estate
acquisition business.
About Relm Holdings Inc.
The Company's core business is the acquisition of commercial
revenue-producing real estate property. For more information about the
Company and its Relm Real Estate Holdings Inc. subsidiary and their pending
transactions, please visit http://www.relmholdingsinc.com.
About First Access Partners.
The Company's subsidiary First Access Partners Inc. was founded in 1999
and has a copyright for its proprietary financial modeling software. The FAP
software was designed to securitize, originate, service, structure debt
transactions and to provide total transparency to the debt transactions on a
daily basis. This transparency is designed to provide an advance alert to,
and thus avoid, any legal default on the debt transactions for up to 10 years.
Currently, the FAP software is utilized by one customer. The software enabled
this customer to keep their operating costs very low. The spin-off should
assist First Access Partners to expand its customer base.
About Versalign Inc.
Versalign was founded in 1985 and currently provides targeted Information
Technology solutions for corporate, professional and governmental clients in
the Mid-Atlantic region. Versalign provides Network Support and Integration,
IT Security and Remediation, Professional Placement, Desktop Support and IT
Logistics Services. Versalign maintains expertise in Microsoft, Novell,
Citrix, BlueCoat, Packeteer, Fortinet, Cisco, Checkpoint, Hewlett-Packard,
IBM, Unitrends, Symantec and Dell Products. For more information about
Versalign, please visit http://www.versalign.com.
Safe Harbor
The Private Securities Litigation Reform Act of 1995 provides a safe
harbor for forward-looking information made on the company's behalf. All
statements, other than statements of historical facts which address the
company's expectations of sources of capital or which express the company's
expectation for the future with respect to financial performance or operating
strategies, can be identified as forward-looking statements. Such statements
made by the company are based on knowledge of the environment in which it
operates, but because of the factors previously listed, as well as other
factors beyond the control of the company, which include the ability of the
company to implement its business plans and spin-off its subsidiary, actual
results may differ materially from the expectations expressed in the
forward-looking statements.
Contact:
Relm Holdings Inc.
info@relmholdingsinc.com
200 West Ninth Street, Suite 314
Wilmington, DE 19801
Tel: 302-778-4222

SOURCE RELM Holdings Inc.

Relm Holdings Inc., +1-302-778-4222, info@relmholdingsinc.com