BIG NEWS; HOUSTON, TX--(Marketwired - Sep 24, 2014) - The Mint Leasing, Inc. ("Company or Mint"
(OTCQB: MLES), a Nevada corporation, trading on the Over the Counter (OTC) markets "Bulletin Board" as MLES, announced today that the Company has completed a share exchange ("the merger" to sell a 50% interest in the Company to Sunset Brands, Inc. dba Sunset Capital Assets (OTC: SSBN), a Nevada corporation, trading Over the Counter (OTC) markets "Pink Sheets" as SSBN ("Sunset". Mint is based in Houston, Texas and owns and operates an auto finance company specializing in both financing and leasing automobiles. Mint will now become the "Auto Finance entity" that will manage the origination, and servicing of all of Sunset's focus on the auto finance niche, including strategic purchases of existing companies.
Sunset Capital Assets, Inc. is a diversified financial services firm focusing on acquisition and investment in insured banks, mortgage companies, real estate, title insurance, insurance, auto financing, commercial financing, investment banking, and management consulting service primarily in the Southeast United States.
Prior to the merger, Mint had Asset of approximately $20,000.000 and projected annual revenues of approximately $8,200,000.00 for 2014. Sunset has transferred shares in a wholly owned special purpose entity which owns assets recently valued in excess of $108,000,000.00. Sunset received 62,000,000 in Class A common shares in exchange for the 99,000 participating member units of the special purpose entity. The assets will add balance sheet value that will be leveraged to obtain a wholesale credit facility that will allow Mint to originate and service new subprime auto receivables. This credit facility will allow Mint's annual revenues to grow to a projected $30,000,000+ over the next 24 months.
As stated above, Mint will now be the lead entity for Sunset's entrance into the auto finance space. The Letter of Intent that was previously announced in March 2014 that announced Sunset's intention to purchase Motors Acceptance Corporation, et al (MAC) will be assigned to Mint. This acquisition should be completed in Q4 of 2014 and will be a wholly owned affiliate of Mint. MAC is a 40 year old closely held Subprime Automotive Finance company located in Columbus, GA. The Company also owns MotorMax Financial Services Corporation (MMFS) which operates direct consumer lending offices in Alabama, Georgia, South Carolina and Missouri. Finally, the Company also owns a direct loan (GILA) company in Columbus, Georgia specializing in small consumer loans.
MAC currently generates an average of 750-1000 automobile contracts per month. This equates to approximately $50 million in revenue per annum. It has a warehouse credit facility with Wells Fargo that it houses the loans. MAC currently has approximately $90 million in performing accounts.
Jerry W. Parish, Chairman and CEO of Mint, believes that Sunset is the perfect partner for the company's' platform, people and facilities. "We are proud that Sunset has chosen to invest in our talented people to expand its consumer lending business. Our company's proprietary systems, underwriting, advertising, human resources/talent, and capital relationships, should provide a seamless process for growth and value to our shareholders. This merger is the first step in establishing Mint as one of the leading auto finance companies in the US."
Bert Watson, Chairman of Sunset dba Sunset Capital Assets, stated, "The proposed merger of Mint, along with purchase of Motors Acceptance Corporation, is the next step in creating a nationally recognized automotive finance company under the Sunset Capital Assets umbrella of investments. We are very excited about the continued future growth of Sunset.
(OTCQB: MLES), a Nevada corporation, trading on the Over the Counter (OTC) markets "Bulletin Board" as MLES, announced today that the Company has completed a share exchange ("the merger" to sell a 50% interest in the Company to Sunset Brands, Inc. dba Sunset Capital Assets (OTC: SSBN), a Nevada corporation, trading Over the Counter (OTC) markets "Pink Sheets" as SSBN ("Sunset". Mint is based in Houston, Texas and owns and operates an auto finance company specializing in both financing and leasing automobiles. Mint will now become the "Auto Finance entity" that will manage the origination, and servicing of all of Sunset's focus on the auto finance niche, including strategic purchases of existing companies. Sunset Capital Assets, Inc. is a diversified financial services firm focusing on acquisition and investment in insured banks, mortgage companies, real estate, title insurance, insurance, auto financing, commercial financing, investment banking, and management consulting service primarily in the Southeast United States.
Prior to the merger, Mint had Asset of approximately $20,000.000 and projected annual revenues of approximately $8,200,000.00 for 2014. Sunset has transferred shares in a wholly owned special purpose entity which owns assets recently valued in excess of $108,000,000.00. Sunset received 62,000,000 in Class A common shares in exchange for the 99,000 participating member units of the special purpose entity. The assets will add balance sheet value that will be leveraged to obtain a wholesale credit facility that will allow Mint to originate and service new subprime auto receivables. This credit facility will allow Mint's annual revenues to grow to a projected $30,000,000+ over the next 24 months.
As stated above, Mint will now be the lead entity for Sunset's entrance into the auto finance space. The Letter of Intent that was previously announced in March 2014 that announced Sunset's intention to purchase Motors Acceptance Corporation, et al (MAC) will be assigned to Mint. This acquisition should be completed in Q4 of 2014 and will be a wholly owned affiliate of Mint. MAC is a 40 year old closely held Subprime Automotive Finance company located in Columbus, GA. The Company also owns MotorMax Financial Services Corporation (MMFS) which operates direct consumer lending offices in Alabama, Georgia, South Carolina and Missouri. Finally, the Company also owns a direct loan (GILA) company in Columbus, Georgia specializing in small consumer loans.
MAC currently generates an average of 750-1000 automobile contracts per month. This equates to approximately $50 million in revenue per annum. It has a warehouse credit facility with Wells Fargo that it houses the loans. MAC currently has approximately $90 million in performing accounts.
Jerry W. Parish, Chairman and CEO of Mint, believes that Sunset is the perfect partner for the company's' platform, people and facilities. "We are proud that Sunset has chosen to invest in our talented people to expand its consumer lending business. Our company's proprietary systems, underwriting, advertising, human resources/talent, and capital relationships, should provide a seamless process for growth and value to our shareholders. This merger is the first step in establishing Mint as one of the leading auto finance companies in the US."
Bert Watson, Chairman of Sunset dba Sunset Capital Assets, stated, "The proposed merger of Mint, along with purchase of Motors Acceptance Corporation, is the next step in creating a nationally recognized automotive finance company under the Sunset Capital Assets umbrella of investments. We are very excited about the continued future growth of Sunset.
