NEW YORK, NY / ACCESSWIRE / October 9, 2018 / On September 21, 2018, Jack Namer, formerly the sole officer and director of Ethos Media Network, Inc. (EOMN), sold his common and preferred shares of EOMN to Reliance Capital Group, LLC ("Reliance"), a New York-based limited liability company. Amy Nalewaik, also a principal shareholder of EOMN's common stock, sold her shares in the transaction. Mr. Namer also resigned as the sole officer and director.
The new CEO of EOMN is Ezra Beyman, and the new directors of EOMN are Mr. Beyman and Alex Blumenfrucht, who was appointed CFO.
New management elected to terminate EOMN's status as a SEC-reporting entity, because they intend to cause EOMN to acquire a business or businesses within the next 30-60 days, but which currently do not have SEC-compliant audited financial statements, and which, in their judgment, might not become SEC-compliant audits within the time required by SEC regulations. New management's focus will be on acquiring companies in the insurance agency and real estate sectors, and in many cases are controlled by companies affiliated with Reliance.
Accordingly, new management's business plan is, first, to acquire the target business or businesses while EOMN is a non-reporting issuer; then, when the SEC-compliant audits of the business or businesses have been completed, they intend EOMN to become a SEC-reporting issuer again.
In the meantime, EOMN continues to own Eye on South Florida, Inc., which is being operated by Mr. Namer and Ms. Nalewaik, and is intended to be sold to them for nominal consideration as soon as EOMN acquires one of new management's target companies.
For further information, contact Ezra Beyman at eb@reliancegh.com, Alex Blumenfrucht at ablumenfrucht@reliancegh.com or John Lowy at johnl@johnlowylaw.com.
SOURCE: Ethos Media Network, Inc.
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