Sunset Capital Assets, Inc. (Sunset Brands, Inc.) Executes LOI to Acquire Motors Acceptance Corporation
March 27 2014 - 11:28PM
Marketwired
Sunset Capital Assets, Inc. (Sunset Brands, Inc.) Executes LOI to
Acquire Motors Acceptance Corporation
JACKSONVILLE, FL--(Marketwired - Mar 27, 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 executed a letter of intent for the
acquisition of Motors Acceptance Corporation, MotorMax and MotorMax
Financial Services Corporation collectively called "MotorMax".
MotorMax is a family-owned, vertically integrated specialty finance
company with forty years of experience in the sub-prime finance
business. The Company owns and operates a finance company
specializing in both financing and leasing automobiles and a
captive network of 6 retail auto dealerships (MotorMax) in Georgia
and Alabama as well as a wholesale auto company. 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.
The Company's captive model enables it to control the entire
business process, including the vehicle acquisition at the auction,
reconditioning, retail sale, underwriting, loan servicing and
collection.
MotorMax generates an average of 130 automobile contracts per
month, with an average contract balance of Seventeen Thousand Five
Hundred Dollars ($17,500.00), generating Twenty Seven Million Three
Hundred Thousand Dollars ($27,300,000.00) annually. MMFS generates
an average of 630 consumer finance contracts per month, with an
average contract balance of Five Thousand Dollars ($5,000),
generating Thirty Seven Million Eight Hundred Thousand Dollars
($37,800,000.00).
Gene Smith, President of Investment Capital Fund Group, a
Delaware Company (ICFG) a wholly owned subsidiary of Sunset Capital
Assets, Inc., stated, "The proposed merger of MotorMax is the next
step in creating a nationally recognized automotive finance company
under the Sunset Capital Assets umbrella of companies." The Forty
years of historical results and proven revenue model deployed by
the experienced top level management team at MotorMax will
accelerate and add strategic growth to the current model of
ICFG/Sunset. We are very excited about the continued future
growth of Sunset."
Karl L. White, Chairman of the combined auto and consumer group
that makes up MotorMax, 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 "shovel ready" model for
growth."
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.
SSBN CONTACT: Jeffrey S. Betros Investor Relations
Sunset Capital Assets, Inc. 904-436-6217 jbetros@sunsetcap.net
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