CORRECTION: The Mint Leasing, Inc., (MLES) Announces Closing of Share Exchange Agreement
September 24 2014 - 7:54PM
Business Wire
This press release corrects and replaces in its entirety,
various inaccurate information regarding the press release entitled
“The Mint Leasing, Inc., (MLES) Announces Merger With Sunset
Brands, Inc. dba Sunset Capital Assets (SSBN)”, released by The
Mint Leasing, Inc. on September 24, 2014, regarding the closing of
its transaction with Sunset Brands, Inc. dba Sunset Capital Assets,
including, but not limited to, the type of transaction; the
relationship of the parties; certain financial information
contained therein; various quotes attributed to the principals of
the parties; various projections contained in such release; the
status of the parties following the closing; and the future plans
of the parties contained therein. The corrected release is provided
below and the entirety of the information contained in the prior
release should be disregarded. We apologize for any confusion this
mistake may have created.
The Mint Leasing, Inc. (“Company or Mint”), a Nevada
corporation, trading on the Over the Counter (OTC) markets
“Bulletin Board” as MLES, announced today that the Company has
completed a share exchange (“the exchange”), pursuant to which it
exchanged 42.3% of its post-transaction common stock with Sunset
Brands, Inc. dba Sunset Capital Assets, a Nevada corporation,
trading on the Over the Counter (OTC) markets “Pink Sheets” as SSBN
(“Sunset”) in consideration for 100% of the voting securities and
99% of the non-voting securities of Investment Capital Fund Group,
LLC Series 20 (“ICFG”). Mint is based in Houston, Texas and owns
and operates an auto finance company specializing in both financing
and leasing automobiles.
Sunset 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.
Prior to the exchange, Mint had total assets of approximately
$18 million as of June 30, 2014, and projected annual revenues of
approximately $8.2 million for fiscal 2014. Pursuant to the
exchange, Sunset transferred ownership (as described above) of a
special purpose entity which owns sapphire gem assets recently
valued to have a retail replacement value in excess of $108
million. Sunset received 62,678,872 shares of common stock from
Mint in consideration for the ownership interests of ICFG acquired
in the exchange. Mint believes that the assets acquired will add to
the Company’s balance sheet asset value with the goal of enabling
the Company to leverage such additional assets to obtain funding
that will allow Mint to originate and service new subprime auto
receivables.
It is also anticipated that Mint and Sunset will enter into
further agreements whereby Mint will become the lead entity for
Sunset’s entrance into the auto finance space in the future.
This Press Release includes forward-looking statements. In
particular, the words "believes," "hopes," "expects," "intends,"
"plans," "anticipates," "may," and similar conditional expressions
are intended to identify forward-looking statements. Any statements
made in this news release other than those of historical fact,
about an action, event or development, are forward-looking
statements. Such statements are based upon assumptions that in the
future may prove not to have been accurate and are subject to
significant risks and uncertainties. Although the Company
believes that the expectations reflected in the forward-looking
statements are reasonable, it can give no assurance that its
forward-looking statements will prove to be correct. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company.
Factors that could cause results to differ include but are not
limited to, successful performance of internal plans, product or
services development and acceptance, the impact of competitive
services and pricing, or general economic risks and uncertainties,
and other risks disclosed in the Company’s periodic filings with
the U.S. Securities and Exchange Commission (including Form’s 10-K
and 10-Q). Investors are cautioned that any forward-looking
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected.
The forward-looking statements in this press release are made as of
the date hereof. The Company takes no obligation to update or
correct (i) its own forward-looking statements, except as required
by law, or (ii) those prepared by third parties that are not paid
for by the Company. The Company’s SEC filings are available
at http://www.sec.gov.
MLESJerry Parish, CEO, 713-665-2000
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