************NEWS***************Acquisition of Vanguard Factoring Corp. Completed
Dr. James P. Armstrong, President of Ashlar Financial Services Corp. is pleased to announce the completion of the acquisition of Vanguard Factoring Corp.
The acquisition of Vanguard was satisfied by way of the issuance of 204,000 common shares of Ashlar, such shares subject to a voluntary pooling agreement calling for the pro-rata release of the shares over a twelve-month term.
Dr. Armstrong said, "The acquisition of Vanguard represents a step toward expanding Ashlar by acquiring existing financial services companies. The acquisition of factoring companies and related types of companies will rapidly increase our exposure in the financial services market."
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