JACKSONVILLE, FL--(Marketwired - Nov 4, 2014) - Su
Post# of 84
Posted On: 11/04/2014 11:01:22 AM
JACKSONVILLE, FL--(Marketwired - Nov 4, 2014) - Sunset Capital Assets, Inc. (OTC: SSBN) announced today that the existing Letter of Intent (LOI) to purchase Motors Acceptance Corporation has been reassigned to partner company The Mint Leasing, Inc. (MLES). In an announcement dated September 24, 2014, SSBN and MLES announced a share exchange agreement whereby SSBN acquired 62,678,872 of Class A Common shares in MLES. As a part of Sunset's Corporate Equity Division, MLES serves to act as a primary driver in the automotive finance niche and is actively engaged in acquiring additional specialty finance companies in the near-term.
The Motors Acceptance Corporation purchase will be funded via The Mint Leasing, Inc. When completed Motors Acceptance Corporation will initially add approximately $80 million in performing automotive receivables and $30 million per annum in revenue to The Mint Leasing, Inc.
Sunset continually endeavors to create value by applying our strengths as a global investment and advisory firm. As such, Sunset will oversee the growth of the MLES platform via the recent share exchange agreement while allowing both firms to concentrate on their core competencies. By reassigning the LOI, this acquisition structure will allow Sunset to efficiently allocate capital, accomplish operational objectives, and mitigate risk in this dynamic marketplace
The Motors Acceptance Corporation purchase will be funded via The Mint Leasing, Inc. When completed Motors Acceptance Corporation will initially add approximately $80 million in performing automotive receivables and $30 million per annum in revenue to The Mint Leasing, Inc.
Sunset continually endeavors to create value by applying our strengths as a global investment and advisory firm. As such, Sunset will oversee the growth of the MLES platform via the recent share exchange agreement while allowing both firms to concentrate on their core competencies. By reassigning the LOI, this acquisition structure will allow Sunset to efficiently allocate capital, accomplish operational objectives, and mitigate risk in this dynamic marketplace
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