SOURCE: Sunset Brands, Inc.
Sunset Brands, Inc.
September 24, 2014 13:22 ET
Sunset Capital Assets, Inc. (SSBN) Announces Merger With The Mint Leasing, Inc. (MLES)
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."
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.
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Our forward-looking statements express our current expectations or forecasts of possible future results or events, including projections of future performance, statements of management's plans and objectives, future contracts, and forecasts of trends and other matters. Forward-looking statements speak only as of the date of this filing, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. You can identify these statements by the fact that they do not relate strictly to historic or current facts and often use words such as "anticipate", "estimate", "expect", "believe," "will likely result," "outlook," "project" and other words and expressions of similar meaning. No assurance can be given that the results in any forward-looking statements will be achieved and actual results could be affected by one or more factors, which could cause them to differ materially. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act.
CONTACT INFORMATION
SSBN CONTACT:
Jeffrey S. Betros
Investor Relations
Sunset Capital Assets, Inc.
904-436-6217
jbetros@sunsetcap.net
http://www.marketwired.com/press-release/suns...950422.htm
Sunset Brands, Inc.
September 24, 2014 13:22 ET
Sunset Capital Assets, Inc. (SSBN) Announces Merger With The Mint Leasing, Inc. (MLES)
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."
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.
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Our forward-looking statements express our current expectations or forecasts of possible future results or events, including projections of future performance, statements of management's plans and objectives, future contracts, and forecasts of trends and other matters. Forward-looking statements speak only as of the date of this filing, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. You can identify these statements by the fact that they do not relate strictly to historic or current facts and often use words such as "anticipate", "estimate", "expect", "believe," "will likely result," "outlook," "project" and other words and expressions of similar meaning. No assurance can be given that the results in any forward-looking statements will be achieved and actual results could be affected by one or more factors, which could cause them to differ materially. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act.
CONTACT INFORMATION
SSBN CONTACT:
Jeffrey S. Betros
Investor Relations
Sunset Capital Assets, Inc.
904-436-6217
jbetros@sunsetcap.net
http://www.marketwired.com/press-release/suns...950422.htm
