By: striped is Profab Peter Kwong's?? By: striped $
Reply To: 10 by kathrick $ Wednesday, 11 Oct 2000 at 12:19 AM EDT
Post # of 79
hmmmm, is Profab Peter Kwong's?? I don't thinks so. I see big dollars for AFH in very short termTaking Ashlar a step closer to being a diversified financial services provider, Dr. Armstrong, President of the Company, is pleased to announce the formalization of an agreement to acquire Western Asset Management Ltd. ("Western"). Western is a mezzanine financing company that specializes in equity funding for growth companies. In addition to equity funding, Western also acts as an integrated business support service company catering to the needs of its clients. Western’s key management includes legal counsel, accountants and financial advisers. Dr. Armstrong is pleased that Ashlar is able to acquire Western, a private company established by its partners two years ago, with current assets of $2.3 million. Current gross revenues from its business interests are $4.1 million resulting in net profits of $246,000. Western has independent access to capital and is expected to grow rapidly over the next 12 months based on its present investments.
Dr. James P. Armstrong advises the shareholders that the Company has taken a step closer in implementing its corporate objectives. Part of Ashlar’s mission statement is "Ashlar is a financial services company that specializes in everything that the bank does except taking deposits." To this end, the Company has taken steps to acquire business ventures that will enable it to fulfill its corporate goals. Ashlar has entered into a Letter of Intent to acquire MICR, a cheque issuing company as part of the services that Ashlar will be offering to its customers. In addition, Ashlar has also taken steps to strengthen its web site by entering into agreements with an international e-solution provider and Third Eye.Net, a graphic web designer that can provide the appropriate web presence for Ashlar to deliver its wide range of services to its targeted customers.
Dr. Armstrong said, "With the acquisition of Western for 1,200,000 restricted shares of Ashlar, we are able to further maximize the return on capital for Ashlar shareholders. The acquisition of a mezzanine finance company will help Ashlar to further improve its return on investment through capital gains as well as having a stable rate of return on capital through its factoring business. Western’s business model will augment Ashlar’s factoring business resulting in stabilized cash flow, equity and cash flow growth. The symbiosis between Ashlar’s factoring facilities and Western’s mezzanine finance operations, together with access to additional capital resources represents another step toward Ashlar’s long term growth plans."
Dr. Armstrong concludes, "Once the acquisitions announced to date are completed, Ashlar will realize approximately $26 Million in revenue over the next 12 months. Thereafter, revenue should continue to increase significantly."