PROVO, Utah, June 10, 2013 /PRNewswire/ -- Sundance
Strategies Inc. (OTC BB: SUND) an innovative company engaged in
acquiring life insurance settlements and related insurance
contracts, policies and obligations, today announced that it has
formalized an agreement to purchase $400
million in face value life insurance policies, to which it
applies proprietary strategies to create a unique, secure and
liquid asset.
- The Company initially purchased $129
million face value of policies on March 18, 2013.
- On June 6, 2013, Sundance
Strategies placed funds in escrow for the purchase of its second
phase by initiating the acquisition of approximately $400 million face value of policies. Using
Sundance's proprietary strategies, these policies will provide
Sundance with predictable future cash flows and liquidity.
As a result of the acquisition and structuring of this
$400 million of Net Insurance
Benefits, Sundance will have a portfolio totaling approximately
$529 million in policy benefits at
face value.
Randy Pearson, President of
Sundance Strategies, commented, "We are quickly executing on our
strategy to assemble a large portfolio of the highest-quality
policies in the industry at favorable prices. These policies are
structured using our unique and innovative strategy, which provides
predictable cash flows to Sundance regardless of when the policies
mature. Over the next 120 days, the Company expects that the
policies, which are part of this $400
million transaction, will be processed to fit into the
Company's proprietary structure. As a result, Sundance will receive
the net insurance benefit, or NIB, without taking on the normal
risk associated with the unknown maturity date of a policy, thereby
providing predictable cash flows to the Company. It is our plan to
consistently add significant amounts of face value to our
portfolio, as we execute and prove our strategy."
Disclaimer
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. In some cases, you can identify
forward-looking statements by the following words: "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intend,"
"may," "ongoing," "plan," "potential," "predict," "project,"
"should," "will," "would," or the negative of these terms or other
comparable terminology, although not all forward-looking statements
contain these words. Forward-looking statements are not a guarantee
of future performance or results, and will not necessarily be
accurate indications of the times at, or by, which such performance
or results will be achieved. Forward-looking statements are based
on information available at the time the statements are made and
involve known and unknown risks, uncertainties and other factors
that may cause our results, levels of activity, performance or
achievements to be materially different from the information
expressed or implied by the forward-looking statements in this
press release.
Contacts
Cameron Donahue, Hayden IR
(651) 653-1854
cameron@haydenir.com
SOURCE Sundance Strategies, Inc.