HICKORY, N.C., Jan. 2, 2015 /PRNewswire/ -- Dale Jarrett Racing Adventure, Inc. (OTCQB: DJRT), a "Full Throttle" lifetime experience company, is pleased to announce that it has entered into an agreement to acquire 100% of the stock in 24/7 Kid Doc, Inc., a Florida Corporation, established for the purpose of opening and operating a national chain of pediatric clinics that are open 24 hours a day, 7 days a week, 365 days per year. The agreement calls for the Company to issue 10 Million common shares to Dr. Norberto Benitez in exchange for all the common stock in 24/7 Kid Doc, Inc. The 24/7 Kid Doc business plan is based upon Dr. Benitez's successful Jacksonville based 24/7 Pediatric Care Center. As Dr. Benitez is CEO Tim Shannon's brother-in-law, this is considered a "related party" transaction and hereby disclosed as such.
In addition to acquiring the stock, the Company has also entered into a 10 year licensing/consulting agreement with Dr. Benitez to help facilitate the establishment and growth of 24/7 Kid Doc's first offices in Orlando, Florida, and its planned expansion into the Tampa-St Petersburg area followed by further expansion into other locations within Florida and, as appropriate, nationally.
Additionally, the company announces that Dale Jarrett and the Company have agreed to end the licensing agreement which provides for the Company to use the Dale Jarrett name in conjunction with its racing adventure. The company will continue to operate its "Full Throttle" Racing Adventure under a new name which has yet to be determined. The Board of Directors will also act to change the name of the corporation to a new name more suited to the future direction of the Company.
Additionally, the company announces that Nicholas Parks has been terminated as President of the Company and CEO/CFO Tim Shannon has returned to the position of President of the Company.
Commenting on the changes, CEO Tim Shannon said, "We are pleased with the changes we are announcing and the opportunity we have to re-invent the Company into a more profitable and dynamic one starting in 2015. I have spent the past 2 years evaluating Dr. Benitez's operations and helping him develop a strategy for expanding his already successful and profitable business model into a replicable national brand. I am gratified that he has chosen our Company as the most appropriate vehicle for realizing his long held vision for leading the world of Pediatrics into a more practical and patient centered paradigm including raising the capital necessary to accomplish this objective."
Forward-Looking Statements
Certain of the statements contained in this press release contain forward-looking statements that involves risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Dale Jarrett Racing Adventure, Inc. has based these forward-looking statements on its current expectations and projections about future events, based on the information currently available to it. The forward-looking statements contained in this press release may also include statements relating to Dale Jarrett Racing Adventure's anticipated financial performance, business prospects, new developments, strategies and similar matters. Dale Jarrett Racing Adventure disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
CONTACT: Tim Shannon, +1-888-467-2231, tbshannon@racingadventure.com
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SOURCE Dale Jarrett Racing Adventure, Inc.
