PROVO, Utah, Nov. 12, 2013 /PRNewswire/ -- Sundance Strategies
Inc. (OTC BB: SUND), an innovative company engaged in acquiring
life settlements and related insurance contracts, policies and
obligations, today announced that it has closed a $15 million private offering of its common stock,
and will be using the proceeds to apply its proprietary "Sundance
NIB Structure" to finance and re-insure portions of its existing
portfolio of Net Insurance Benefits or NIBs, in life insurance
policies, thus creating a unique, secure and liquid asset.
Sundance currently holds approximately $129 million in Net Insurance Benefits from its
first acquisition in March, 2013, and is holding approximately
$400 million of additional policy
maturity benefits in portfolios from its second acquisition in
June, 2013. These newly acquired assets are in the process of
being converted through Sundance's proprietary process into
Qualified NIBs and should bring the total to more than $500 million in NIBs owned. This amount
does not take into account all premiums payable under the policies,
along with other costs and expenses, including and any repayments
under the applicable mortality protection insurance on
policies.
Randy Pearson, President of
Sundance Strategies, commented, "We continue to execute on our
strategy to assemble large portfolios of the highest-quality
policies in the industry at favorable pricing. By structuring these
policies using our unique and innovative strategy, we ensure
Sundance will receive predictable cash flows regardless of when the
policies mature. As a result, we believe we will receive the Net
Insurance Benefit, or NIB, significantly reducing the risk
associated with the unknown maturity date of a policy. It is
our plan to continue to consistently add additional amounts to our
portfolio, as we execute on our strategy."
The $15 million private offering
was completed internally, primarily through friends and family
members, which was comprised of the sale of 3,018,500 shares at
$5.00 per share, for aggregate gross
proceeds of $15,092,500.
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. This press release should be considered in
light of all filings of the Company that are contained in the Edgar
Archives of the Securities and Exchange Commission at
www.sec.gov.
Cameron Donahue, Hayden IR
(651) 653-1854
cameron@haydenir.com
SOURCE Sundance Strategies, Inc.