SSBN - going blue sky
http://finance.yahoo.com/news/sunset-capital-...ntentstory
Sunset Capital Assets, Inc. (SSBN) Announces Merger With The Mint Leasing, Inc. (MLES)
Marketwired Sunset Brands, Inc.
45 minutes ago
JACKSONVILLE, FL--(Marketwired - Sep 24, 2014) - Sunset Capital Assets, Inc., (OTC: SSBN), a Nevada corporation, trading on the Over the Counter (OTC) markets "pink sheets" as SSBN, announced today that the Company has completed a share exchange ("the merger"
to acquire a 50% interest in The Mint Leasing, Inc., a Nevada corporation, trading Over the Counter (OTC) markets "bulletin board" as (OTCQB: MLES) ("Mint" . Mint is based in Houston, Texas and owns and operates an auto finance company specializing in both financing and leasing automobiles. Mint will become the "Auto Finance entity" which will have primary responsibility for the origination and servicing of Sunset's opportunities in the auto finance niche, including but not limited to the strategic acquisitions of existing auto finance related companies.
Prior to the merger, Mint had Assets (net of unearned income) of $20,000,000.00+ 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 significant value to the balance sheet 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.
Sunset has a management contract in place with Mint to manage the public aspects of MLES. This contract is projects revenue to Sunset of $1 to $1.5 million in 2015 based on current MLES operations which is in management's opinion conservative.
The Letter of Intent that was previously released in March 2014 announcing Sunset's intention to purchase Motors Acceptance Corporation, et al (MAC) will be assigned to Mint. This acquisition is expected to be completed in Q4 of 2014 and will be treated as a wholly owned affiliate of Mint. The acquisition will be funded through Mint a fully reporting and audited company. 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 equated to approximately $50 million in revenue per annum. It has a warehouse credit facility with Wells Fargo that houses the loans. MAC currently has approximately $90 million in performing accounts.
Bert Watson, Chairman of Sunset, stated, "The merger of Mint, along with proposed purchase of Motors Acceptance Corporation, is an accretive investment for Sunset and a true win, win situation for the shareholders of both Sunset and Mint. This merger and subsequent announcement is a critical 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 growth and expansion of the Sunset brand, and am looking forward to the success and growth opportunities in our Mint and MAC investment."
Jerry W. Parish, Chairman of Mint, believes that Sunset is the perfect partner for the company's' platform, people and facilities. "We are proud that Sunset has chosen 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 book value for the shareholders."
http://finance.yahoo.com/news/sunset-capital-...ntentstory
Sunset Capital Assets, Inc. (SSBN) Announces Merger With The Mint Leasing, Inc. (MLES)
Marketwired Sunset Brands, Inc.
45 minutes ago
JACKSONVILLE, FL--(Marketwired - Sep 24, 2014) - Sunset Capital Assets, Inc., (OTC: SSBN), a Nevada corporation, trading on the Over the Counter (OTC) markets "pink sheets" as SSBN, announced today that the Company has completed a share exchange ("the merger"
to acquire a 50% interest in The Mint Leasing, Inc., a Nevada corporation, trading Over the Counter (OTC) markets "bulletin board" as (OTCQB: MLES) ("Mint" . Mint is based in Houston, Texas and owns and operates an auto finance company specializing in both financing and leasing automobiles. Mint will become the "Auto Finance entity" which will have primary responsibility for the origination and servicing of Sunset's opportunities in the auto finance niche, including but not limited to the strategic acquisitions of existing auto finance related companies. Prior to the merger, Mint had Assets (net of unearned income) of $20,000,000.00+ 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 significant value to the balance sheet 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.
Sunset has a management contract in place with Mint to manage the public aspects of MLES. This contract is projects revenue to Sunset of $1 to $1.5 million in 2015 based on current MLES operations which is in management's opinion conservative.
The Letter of Intent that was previously released in March 2014 announcing Sunset's intention to purchase Motors Acceptance Corporation, et al (MAC) will be assigned to Mint. This acquisition is expected to be completed in Q4 of 2014 and will be treated as a wholly owned affiliate of Mint. The acquisition will be funded through Mint a fully reporting and audited company. 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 equated to approximately $50 million in revenue per annum. It has a warehouse credit facility with Wells Fargo that houses the loans. MAC currently has approximately $90 million in performing accounts.
Bert Watson, Chairman of Sunset, stated, "The merger of Mint, along with proposed purchase of Motors Acceptance Corporation, is an accretive investment for Sunset and a true win, win situation for the shareholders of both Sunset and Mint. This merger and subsequent announcement is a critical 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 growth and expansion of the Sunset brand, and am looking forward to the success and growth opportunities in our Mint and MAC investment."
Jerry W. Parish, Chairman of Mint, believes that Sunset is the perfect partner for the company's' platform, people and facilities. "We are proud that Sunset has chosen 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 book value for the shareholders."
