PROVO, Utah, March 10, 2015 /PRNewswire/ -- Sundance
Strategies, Inc. (OTC QB: SUND), an innovative company engaged in
structuring related insurance contracts, policies and obligations
into secure, reinsured net insurance benefits known as NIBs, today
announced that it has closed on the acquisition of the Hyperion
portfolio of life insurance policies representing approximately
$124 million of policy face, in a
mostly stock transaction.
The policies have a combined face value at maturity of
approximately $124 million and meet
the stringent investment criteria of Sundance Strategies. This
portfolio had already been processed into the Company's Net
Insurance Benefit (NIB) structure prior to closing. The NIB is the
remaining cash available for Sundance when the policy face value
has been paid to the Company after a policy matures, less the total
of all premium payments, financing costs, mortality reinsurance
("MRI") costs and all other expenses have been subtracted from that
face amount.
Kraig Higginson, Chairman of
Sundance Strategies, said, "We are pleased to have closed on this
portfolio, which meets our stringent investment criteria.
This is further evidence of the Sundance Team's ability to
execute on our business plan, and meet our forward
objectives. We have set a goal of acquiring an additional
$500,000,000 face value of insurance
assets, then securing them with reinsurance and putting in place
the necessary financing for the forward premium payments, by the
end of this calendar year. The cumulative effect of these layered,
year-over-year cash flows, as revenues are received, represents
substantial growth for the Company. This latest acquisition meets a
significant milestone in our corporate development."
Sundance through it's proprietary process has been able to
purchase, service and plans to hold to ultimate maturity, NIBs that
have financing for 100% of ongoing premium payments and risk
mitigating reinsurance, which reduces the overall risk profile
typically associated with maintaining insurance based
portfolios.
Higginson continued, "We continue to seek out new sources of
policy portfolios as we strive to reach a total of one billion-dollar face value mark this calendar
year. Each policy is thoroughly vetted to ascertain whether it
meets our stringent investment criteria. We are also
continuing to refine our structures to maintain the safety,
security, liquidity and yield, as we execute our growth plan.
Additional information regarding this acquisition can be
accessed in our 8-KA-1 Current Report filed with the Securities and
Exchange Commission on March 6,
2015.
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.
Contact:
Porter LeVay and Rose
Michael Porter, 212-564-4700
mike@plrinvest.com
or
Sundance Strategies
Matt Pearson, 801-705-8968
Chief Operations Officer
matt@sundancestrategies.com
Randy Pearson, 801-705-8968
President
randy@sundancestrategies.com
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SOURCE Sundance Strategies