COLORADO SPRINGS, Colo., Feb. 25, 2010 (GLOBE NEWSWIRE) -- Across America Real Estate Exchange, Inc. is pleased to announce that on February 24, 2010 it executed an Agreement and Plan of Merger and Reorganization with Accredited Members, Inc. ("AMI"), and closed the transaction on the same day. Previously, on December 10, 2009 Across America disclosed that it had entered into a non-binding term sheet with AMI that outlined the proposed terms of the transaction. Upon closing of the transaction AMI became a wholly owned subsidiary of Across America. At closing Across America agreed to acquire all of the outstanding shares of AMI through the issuance of approximately 25,554,010 shares of common stock.
J.W. Roth, Co-Chairman of AMI's Board of Directors and newly appointed director of Across America, stated, "This merger provides AMI an opportunity to become a publicly traded entity and we believe that the merger is providing both AMI and Across America with an opportunity to create long-term value for shareholders, and will help AMI continue to develop and grow its business. The decision to enter into the merger transaction was made with careful consideration to AMI's shareholders, company direction, and strategy."
Prior to the merger transaction Across America was not involved in active business operations. However, with closing of the merger transaction Across America will focus its business operations on the products and services offered by AMI. Because AMI is now the active business component of Across America, Across America expects to change its name to Accredited Members Holding Corporation.
About Accredited Members, Inc.
Accredited Members, Inc. was founded in December 2008 and is intended to fill a unique niche by providing institutional and individual investors with proprietary research on "small-cap" or "micro-cap" companies. AMI provides an online social networking website intended for high net-worth investors (www.accreditedmembers.com) and corporate profile clients, and also holds conferences for investors to meet and build relationships with small/micro cap companies.
The Accredited Members Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6576
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