NEW YORK, May 21, 2012 /PRNewswire/ -- Distressed Asset
Acquisition Group (daaqinc.com) today provided an advisory to the
public as to its relationship with A Clean Slate, Inc. (OTC:
DRWN).
Previously, DAAG entered into an agreement with DRWN to swap
70,000 shares of DRWN for 10% of DAAG. Under said terms, DAAG could
purchase DRWN for $500,000. After due
diligence, DAAG determined that certain liabilities of DRWN made
the agreement less than appropriate.
For this reason, DAAG rescinded said agreement and is taking the
necessary steps to return the 70,000 shares of DRWN (worth under
$100) to that entity so that it can
cancel the DAAG shares issued to DRWN.
While DRWN submitted certain filings notifying the public that
Frank Castellano, DAAG's President,
Frank Castellano, was no longer
affiliated with that enterprise, it did not update OTC Markets or
the Securities and Exchange Commission that DAAG was no longer part
of DRWN. In fact, DRWN continues to incorrectly list DAAG's email
and website and company description on OTC Markets, Inc.'s Company
Information site. While DAAG directed DRWN to cease the use
thereof, DRWN so far refused to do so claiming that it did not
receive the 70,000 shares back. DRWN is not authorized to infer an
affiliation other than what is described in this press release.
While DRWN does technically own 10% of DAAG until the shares are
returned, it is unclear why DRWN desires to infer that it is
anything other than a minority shareholder of the enterprise
instead of announcing DRWN's shell status.
Many DRWN shareholders have contacted Mr. Castellano about that
enterprise's share structure, however, DAAG maintains no knowledge
of the number of issued shares or if additional shares became free
trading subsequent to the departure of Mr. Castellano.
It is noted that Mr. Castellano is also the President of Beacon
Redevelopment Industrial Corp. (OTC: BCND).
This press release does not constitute an offer of securities
for sale and contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements involve risks and
uncertainties that could cause actual results to differ. All
statements in this press release are based on information available
to the Company as of today, and the Company undertakes no
obligation to update the statements in the future.
SOURCE Distressed Asset Acquisition Group, Inc.